Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells $139,964.76 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 3,323 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total value of $139,964.76. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $624,639.60. The trade was a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Avidity Biosciences Stock Performance

NASDAQ:RNA traded up $0.40 during mid-day trading on Wednesday, hitting $43.65. 675,384 shares of the stock were exchanged, compared to its average volume of 1,315,814. Avidity Biosciences, Inc. has a fifty-two week low of $5.68 and a fifty-two week high of $56.00. The firm’s 50-day simple moving average is $45.32 and its 200 day simple moving average is $40.65. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of -15.16 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. The company had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, analysts predict that Avidity Biosciences, Inc. will post -2.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNA. Avoro Capital Advisors LLC increased its holdings in Avidity Biosciences by 132.1% in the 1st quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock worth $148,654,000 after purchasing an additional 3,315,000 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after buying an additional 3,228,923 shares during the period. State Street Corp raised its holdings in Avidity Biosciences by 41.7% in the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after buying an additional 1,386,087 shares during the last quarter. Janus Henderson Group PLC boosted its position in Avidity Biosciences by 33.9% during the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after buying an additional 1,239,323 shares during the period. Finally, RA Capital Management L.P. grew its holdings in Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after acquiring an additional 900,000 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Evercore ISI lowered their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Barclays initiated coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Finally, TD Cowen boosted their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $63.22.

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.