Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 12,742 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 12,742 shares of Avidity Biosciences stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $416,153.72. Following the transaction, the insider now directly owns 72,647 shares in the company, valued at $2,372,651.02. The trade was a 14.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

W. Michael Flanagan also recently made the following trade(s):

• On Wednesday, December 11th, W. Michael Flanagan sold 24,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $35.77, for a total value of $858,480.00.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA traded up $0.35 during trading on Thursday, hitting $31.05. 1,949,315 shares of the company traded hands, compared to its average volume of 1,310,250. The business’s fifty day moving average is $42.93 and its 200 day moving average is $42.19. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of -10.78 and a beta of 0.89. Avidity Biosciences, Inc. has a fifty-two week low of $8.37 and a fifty-two week high of $56.00.

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

Analysts Set New Price Targets

Several analysts recently commented on the company. TD Cowen upped their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Evercore ISI decreased their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, August 26th. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Chardan Capital reissued a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Barclays assumed coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price on the stock. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $63.60.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently modified their holdings of the company. FMR LLC raised its holdings in shares of Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after acquiring an additional 689,729 shares during the last quarter. Wellington Management Group LLP increased its holdings in Avidity Biosciences by 84.9% during the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after purchasing an additional 3,228,923 shares in the last quarter. Avoro Capital Advisors LLC raised its stake in shares of Avidity Biosciences by 11.7% in the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock worth $265,729,000 after purchasing an additional 680,000 shares during the last quarter. RA Capital Management L.P. lifted its holdings in shares of Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after buying an additional 1,239,323 shares during 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.