Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $297,492.68 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Steven George Hughes sold 9,578 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the transaction, the insider now directly owns 72,850 shares of the company’s stock, valued at approximately $2,262,721. The trade was a 11.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $30.84 on Monday. Avidity Biosciences, Inc. has a 52-week low of $21.56 and a 52-week high of $56.00. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02. The stock has a 50 day moving average price of $31.11 and a 200 day moving average price of $37.44.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The firm had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on RNA. 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 price objective for the company. Royal Bank of Canada restated an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Barclays cut their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $66.69.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNA. Wellington Management Group LLP raised its holdings in shares of Avidity Biosciences by 84.9% in the 3rd 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 in the last quarter. Janus Henderson Group PLC raised its stake in Avidity Biosciences by 44.1% in the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock worth $205,134,000 after buying an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC purchased a new stake in Avidity Biosciences during the fourth quarter worth $50,232,000. State Street Corp boosted its position in 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 acquiring an additional 1,386,087 shares in the last quarter. Finally, RA Capital Management L.P. increased its holdings 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 valued at $289,378,000 after acquiring an additional 900,000 shares during the period.

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.