W. Michael Flanagan Sells 20,000 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the transaction, the insider now owns 80,195 shares in the company, valued at approximately $2,636,811.60. This trade represents a 19.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $31.37 on Friday. The stock has a 50 day moving average of $29.99 and a 200 day moving average of $31.09. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of -10.89 and a beta of 0.95. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The business had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Amalgamated Bank raised its stake in shares of Avidity Biosciences by 12.0% in the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock valued at $116,000 after acquiring an additional 418 shares during the period. Corebridge Financial Inc. increased its holdings in Avidity Biosciences by 0.8% in the 1st quarter. Corebridge Financial Inc. now owns 55,643 shares of the biotechnology company’s stock valued at $1,643,000 after purchasing an additional 463 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Avidity Biosciences by 9.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,135 shares of the biotechnology company’s stock valued at $181,000 after purchasing an additional 514 shares during the period. Parallel Advisors LLC lifted its stake in Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after purchasing an additional 515 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its position in shares of Avidity Biosciences by 8.0% during the fourth quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock worth $204,000 after buying an additional 518 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Barclays increased their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th. JPMorgan Chase & Co. increased their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Bank of America boosted their price target on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. Chardan Capital increased their price objective on shares of Avidity Biosciences from $65.00 to $75.00 and gave the company a “buy” rating in a report on Monday, June 9th. Finally, Citigroup boosted their target price on Avidity Biosciences from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $67.33.

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.