Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells $246,461.10 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 7,935 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $246,461.10. Following the transaction, the chief financial officer now owns 96,720 shares in the company, valued at approximately $3,004,123.20. This represents a 7.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Avidity Biosciences Trading Up 0.0 %

NASDAQ RNA opened at $30.84 on Monday. Avidity Biosciences, Inc. has a 1 year low of $21.56 and a 1 year high of $56.00. The company has a fifty day simple moving average of $31.11 and a 200 day simple moving average of $37.44. The company has a market cap of $3.71 billion, a P/E ratio of -10.71 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last released its 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 analyst estimates of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Ratings Changes

RNA has been the topic of a number of recent research reports. BMO Capital Markets started coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Citigroup assumed coverage on Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price objective on the stock. Scotiabank started coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 target price for the company. Finally, Chardan Capital restated a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and an average target price of $66.69.

Hedge Funds Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in the business. PEAK6 Investments LLC increased its position in Avidity Biosciences by 4.9% in the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock worth $337,000 after buying an additional 343 shares during the period. Aaron Wealth Advisors LLC increased its position in Avidity Biosciences by 6.6% during the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after acquiring an additional 504 shares during the period. Quantinno Capital Management LP raised its stake in Avidity Biosciences by 8.0% during the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock valued at $204,000 after purchasing an additional 518 shares during the last quarter. National Bank of Canada FI bought a new stake in Avidity Biosciences in the 3rd quarter valued at $27,000. Finally, New York State Common Retirement Fund grew its position in Avidity Biosciences by 0.3% in the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after purchasing an additional 598 shares during the last quarter.

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.