Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $1,213,800.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 28,000 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the transaction, the chief executive officer now directly owns 205,043 shares in the company, valued at $8,888,614.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Tuesday, July 9th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $39.93, for a total transaction of $1,118,040.00.
• On Thursday, June 13th, Sarah Boyce sold 164,233 shares of Avidity Biosciences stock. The stock was sold at an average price of $40.08, for a total transaction of $6,582,458.64.
• On Tuesday, June 4th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $27.42, for a total transaction of $767,760.00.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $46.95 on Friday. The business has a 50-day moving average price of $40.05 and a two-hundred day moving average price of $27.93. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $48.80.

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

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its holdings in Avidity Biosciences by 15,900.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock worth $29,000 after buying an additional 3,180 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of Avidity Biosciences by 456.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after purchasing an additional 2,714 shares in the last quarter. nVerses Capital LLC boosted its stake in shares of Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after buying an additional 700 shares during the last quarter. Dorsey & Whitney Trust CO LLC purchased a new position in Avidity Biosciences during the second quarter valued at $286,000. Finally, Privium Fund Management B.V. purchased a new position in shares of Avidity Biosciences in the first quarter valued at about $205,000.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RNA. Chardan Capital boosted their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 price objective on shares of Avidity Biosciences in a research note on Monday, June 10th. Bank of America increased their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Evercore ISI increased their price target on Avidity Biosciences from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, June 12th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $49.17.

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.