Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean Sells 7,935 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 7,935 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the completion of the sale, the chief financial officer now directly owns 96,720 shares of the company’s stock, valued at $3,004,123.20. This trade represents a 7.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Avidity Biosciences Stock Up 0.0 %

Avidity Biosciences stock opened at $30.84 on Friday. The stock has a 50-day simple moving average of $31.11 and a 200 day simple moving average of $37.49. Avidity Biosciences, Inc. has a 12-month low of $21.56 and a 12-month high of $56.00. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. As a group, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently modified their holdings of RNA. Y Intercept Hong Kong Ltd acquired a new position in Avidity Biosciences during the 4th quarter worth approximately $386,000. Lord Abbett & CO. LLC boosted its position in Avidity Biosciences by 30.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after acquiring an additional 124,867 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Avidity Biosciences by 24.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after acquiring an additional 197,065 shares during the last quarter. RA Capital Management L.P. boosted its position 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. Finally, FMR LLC boosted its position in Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after acquiring an additional 689,729 shares during the last quarter.

Analysts Set New Price Targets

RNA has been the topic of several recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Citigroup assumed coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price target on the stock. Scotiabank started coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, Chardan Capital restated a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $66.69.

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.