Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells 1,872 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 1,872 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the sale, the director now owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Avidity Biosciences Stock Performance

RNA traded up $0.05 during midday trading on Thursday, reaching $30.13. 1,145,046 shares of the company were exchanged, compared to its average volume of 1,351,486. The company has a market cap of $3.59 billion, a price-to-earnings ratio of -10.46 and a beta of 0.99. Avidity Biosciences, Inc. has a one year low of $10.12 and a one year high of $56.00. The company’s fifty day moving average price is $34.38 and its 200 day moving average price is $41.09.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Institutional Trading of Avidity Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in RNA. National Bank of Canada FI bought a new stake in Avidity Biosciences in the 3rd quarter worth about $27,000. Allspring Global Investments Holdings LLC bought a new position in shares of Avidity Biosciences in the third quarter valued at approximately $30,000. Values First Advisors Inc. purchased a new stake in shares of Avidity Biosciences during the third quarter valued at approximately $32,000. Quarry LP lifted its holdings in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,700 shares during the period. Finally, Quest Partners LLC boosted its position in Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after purchasing an additional 1,392 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RNA shares. Chardan Capital reiterated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. TD Cowen boosted their target price 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 restated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a report on Friday, January 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday. Finally, Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target 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.