Kathleen P. Gallagher Sells 5,875 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the transaction, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,406,917.82. This represents a 10.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Avidity Biosciences Stock Performance

RNA stock opened at $28.10 on Friday. The business has a 50-day simple moving average of $31.41 and a two-hundred day simple moving average of $36.84. The company has a market capitalization of $3.38 billion, a P/E ratio of -9.76 and a beta of 1.02. Avidity Biosciences, Inc. has a 52-week low of $21.56 and a 52-week high of $56.00.

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

Wall Street Analysts Forecast Growth

RNA has been the topic of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Chardan Capital restated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective for the company. Citigroup began coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price on the stock. Finally, Bank of America decreased their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and an average price target of $66.69.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently modified their holdings of RNA. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences in the 3rd quarter worth about $27,000. TD Waterhouse Canada Inc. raised its position in Avidity Biosciences by 646.3% in the fourth 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 during the period. Van ECK Associates Corp purchased a new position in Avidity Biosciences in the fourth quarter valued at about $38,000. Headlands Technologies LLC bought a new position in shares of Avidity Biosciences during the 4th quarter valued at approximately $60,000. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $73,000.

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.