Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $831,500.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $33.26, for a total value of $831,500.00. Following the sale, the insider now owns 94,018 shares in the company, valued at $3,127,038.68. This represents a 21.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Teresa Mccarthy also recently made the following trade(s):

• On Monday, November 18th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $41.14, for a total value of $1,028,500.00.
• On Wednesday, October 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00.
• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00.

Avidity Biosciences Trading Down 6.2 %

NASDAQ RNA traded down $2.04 on Wednesday, hitting $30.70. 1,861,433 shares of the company were exchanged, compared to its average volume of 1,307,631. The company has a market cap of $3.66 billion, a PE ratio of -10.66 and a beta of 0.89. The stock has a fifty day moving average of $43.24 and a 200-day moving average of $42.27. Avidity Biosciences, Inc. has a 12 month low of $8.37 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. On average, analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. Royal Bank of Canada assumed coverage on Avidity Biosciences in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price target for the company. Finally, Evercore ISI cut their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $63.60.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new position in Avidity Biosciences in the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences during the third quarter worth $30,000. Values First Advisors Inc. bought a new stake in Avidity Biosciences during the third quarter worth $32,000. Quarry LP lifted its stake in Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC lifted its stake in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after acquiring an additional 1,392 shares in the last quarter.

About Avidity Biosciences

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.