Kathleen P. Gallagher Sells 5,875 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the sale, the insider now directly owns 50,554 shares of the company’s stock, valued at $1,625,816.64. This represents a 10.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $34.68 on Thursday. The stock’s 50-day moving average price is $32.40 and its 200 day moving average price is $40.34. Avidity Biosciences, Inc. has a 52-week low of $11.47 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly 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. 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. As a group, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. National Bank of Canada FI acquired a new stake in Avidity Biosciences in the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new position in shares of Avidity Biosciences during the third quarter worth about $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences in the third quarter worth about $32,000. Van ECK Associates Corp bought a new position in Avidity Biosciences in the fourth quarter worth about $38,000. Finally, Quest Partners LLC lifted 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 worth $93,000 after acquiring an additional 1,392 shares during the last quarter.

Analyst Upgrades and Downgrades

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

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.