Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells 5,000 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $45.01, for a total transaction of $225,050.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $667,498.30. The sale was disclosed in a document filed with the SEC, which is available through this link.

Avidity Biosciences Stock Up 0.2 %

Shares of NASDAQ:RNA opened at $44.72 on Friday. The company has a market cap of $4.28 billion, a PE ratio of -15.16 and a beta of 0.90. The company’s 50-day moving average price is $36.44 and its 200 day moving average price is $25.38. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $47.05.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) EPS for the quarter, beating the consensus estimate of ($0.81) by $0.02. The firm had revenue of $3.54 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. As a group, equities analysts anticipate that Avidity Biosciences, Inc. will post -3.15 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on RNA shares. Evercore ISI raised their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 12th. Chardan Capital raised their price target on shares of Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, June 12th. Bank of America raised their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, Needham & Company LLC restated a “buy” rating and issued a $35.00 price target on shares of Avidity Biosciences in a research report on Monday, June 10th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and an average price target of $44.29.

Hedge Funds Weigh In On Avidity Biosciences

Several large investors have recently bought and sold shares of RNA. Wellington Management Group LLP increased its stake in Avidity Biosciences by 5.5% during the 3rd quarter. Wellington Management Group LLP now owns 248,071 shares of the biotechnology company’s stock valued at $1,583,000 after buying an additional 12,835 shares during the period. Vanguard Group Inc. grew its stake in shares of Avidity Biosciences by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 4,014,490 shares of the biotechnology company’s stock worth $25,612,000 after purchasing an additional 47,305 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Avidity Biosciences in the 4th quarter worth approximately $377,000. Raymond James & Associates grew its stake in shares of Avidity Biosciences by 39.3% in the 4th quarter. Raymond James & Associates now owns 129,921 shares of the biotechnology company’s stock worth $1,176,000 after purchasing an additional 36,666 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of Avidity Biosciences by 149.1% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 86,611 shares of the biotechnology company’s stock worth $784,000 after purchasing an additional 51,839 shares during the last quarter.

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.