Steven George Hughes Sells 9,578 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Steven George Hughes sold 9,578 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $297,492.68. Following the transaction, the insider now owns 72,850 shares in the company, valued at $2,262,721. This represents a 11.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Avidity Biosciences Trading Up 0.0 %

NASDAQ RNA opened at $30.84 on Friday. Avidity Biosciences, Inc. has a 12 month low of $21.56 and a 12 month high of $56.00. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02. The company’s 50 day moving average is $31.11 and its two-hundred day moving average is $37.47.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new stake in Avidity Biosciences during the 3rd quarter worth approximately $27,000. TD Waterhouse Canada Inc. grew its holdings in Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 866 shares in the last quarter. Van ECK Associates Corp purchased a new stake in Avidity Biosciences during the 4th quarter valued at approximately $38,000. Headlands Technologies LLC purchased a new stake in Avidity Biosciences during the 4th quarter valued at approximately $60,000. Finally, GF Fund Management CO. LTD. purchased a new stake in Avidity Biosciences during the 4th quarter valued at approximately $73,000.

Analyst Upgrades and Downgrades

RNA has been the topic of several research analyst reports. Barclays lowered their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Royal Bank of Canada restated an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. HC Wainwright restated a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Chardan Capital restated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $66.69.

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.