Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells 3,287 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 3,287 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the completion of the transaction, the chief financial officer now directly owns 104,655 shares in the company, valued at $2,992,086.45. This trade represents a 3.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Avidity Biosciences Trading Up 0.2 %

Shares of RNA stock opened at $30.13 on Friday. The company’s fifty day simple moving average is $34.38 and its two-hundred day simple moving average is $41.09. Avidity Biosciences, Inc. has a 52 week low of $10.12 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS 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 company had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. On average, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently modified their holdings of RNA. FMR LLC grew its holdings in shares of Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after purchasing an additional 689,729 shares in the last quarter. Wellington Management Group LLP lifted its position in Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after purchasing an additional 3,228,923 shares during the last quarter. RA Capital Management L.P. grew its stake in shares of Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after buying an additional 900,000 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Avidity Biosciences by 33.9% in the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after buying an additional 1,239,323 shares during the last quarter. Finally, State Street Corp raised its position in shares of Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after buying an additional 1,386,087 shares in the last quarter.

Analyst Ratings Changes

Several research firms recently issued reports on RNA. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday. TD Cowen raised their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Friday, January 10th. Finally, Chardan Capital reissued a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $65.80.

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.