Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells $228,650.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at approximately $678,175.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $44.48 on Monday. The stock has a market cap of $4.25 billion, a price-to-earnings ratio of -15.08 and a beta of 0.89. The firm has a 50-day moving average of $43.81 and a two-hundred day moving average of $34.19. Avidity Biosciences, Inc. has a 1 year low of $4.82 and a 1 year high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. The firm had revenue of $2.05 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. Research analysts expect that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Barclays assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. Chardan Capital lifted their price target on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Evercore ISI decreased their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Finally, Bank of America boosted their target price on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and a consensus target price of $61.00.

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds have recently made changes to their positions in the company. Quarry LP raised its holdings in shares of Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after acquiring an additional 1,700 shares in the last quarter. Quadrant Capital Group LLC increased its position in Avidity Biosciences by 456.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares during the period. nVerses Capital LLC raised its holdings 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 valued at $139,000 after purchasing an additional 700 shares in the last quarter. Amalgamated Bank lifted its position in shares of Avidity Biosciences by 39.0% in the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 982 shares during the period. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Avidity Biosciences by 32.4% during the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after purchasing an additional 1,076 shares in 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.