Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 2,959 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 2,959 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the sale, the insider now directly owns 104,908 shares of the company’s stock, valued at $2,999,319.72. This represents a 2.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Teresa Mccarthy also recently made the following trade(s):

• On Monday, December 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $33.26, for a total value of $831,500.00.
• On Monday, November 18th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $41.14, for a total value of $1,028,500.00.

Avidity Biosciences Stock Up 0.2 %

Shares of NASDAQ 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 stock’s 50-day moving average price is $34.38 and its 200-day moving average price is $41.09. The stock has a market cap of $3.59 billion, a P/E 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.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $7.09 million. On average, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Institutional Trading of Avidity Biosciences

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

Wall Street Analysts Forecast Growth

RNA has been the topic of several analyst reports. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Chardan Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Royal Bank of Canada restated an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday. TD Cowen increased their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, HC Wainwright restated a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Friday, January 10th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $65.80.

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.