Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $297,250.23 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 10,397 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $297,250.23. Following the transaction, the chief executive officer now owns 337,411 shares of the company’s stock, valued at $9,646,580.49. This represents a 2.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Sarah Boyce also recently made the following trade(s):

• On Wednesday, December 18th, Sarah Boyce sold 31,855 shares of Avidity Biosciences stock. The stock was sold at an average price of $32.66, for a total value of $1,040,384.30.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $29.67 on Friday. The stock has a market capitalization of $3.54 billion, a PE ratio of -10.30 and a beta of 0.99. The business has a fifty day moving average price of $34.13 and a two-hundred day moving average price of $41.03. Avidity Biosciences, Inc. has a fifty-two week low of $10.27 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. On average, equities analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors have recently modified their holdings of the business. FMR LLC raised its holdings in shares of Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after buying an additional 689,729 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of 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 buying an additional 3,228,923 shares in the last quarter. RA Capital Management L.P. raised its holdings in shares of Avidity Biosciences by 16.7% during 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 raised its holdings in shares of Avidity Biosciences by 33.9% during 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 in the last quarter. Finally, State Street Corp raised its holdings 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 worth $216,151,000 after buying an additional 1,386,087 shares in the last quarter.

Analyst Upgrades and Downgrades

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