Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 9,578 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the transaction, the insider now directly owns 72,850 shares in the company, valued at approximately $2,262,721. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA traded up $0.01 during midday trading on Friday, hitting $30.84. 1,849,399 shares of the company’s stock traded hands, compared to its average volume of 1,314,704. Avidity Biosciences, Inc. has a 1 year low of $21.56 and a 1 year high of $56.00. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02. The firm has a fifty day moving average of $31.08 and a 200 day moving average of $37.58.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. On average, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on RNA shares. Citigroup began coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price on the stock. Scotiabank began coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective on the stock. Bank of America reduced their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. HC Wainwright restated a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a report on Monday. Finally, BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 target price on the stock. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences presently has a consensus rating of “Buy” and an average price target of $66.69.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. National Bank of Canada FI purchased a new stake in Avidity Biosciences in the 3rd quarter worth approximately $27,000. TD Waterhouse Canada Inc. increased its holdings in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 866 shares in the last quarter. Van ECK Associates Corp purchased a new stake in Avidity Biosciences in the 4th quarter worth approximately $38,000. Quest Partners LLC increased its holdings in Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Avidity Biosciences in the 4th quarter worth approximately $60,000.

Avidity Biosciences Company Profile

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.