Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Teresa Mccarthy Sells 25,000 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $33.26, for a total transaction of $831,500.00. Following the completion of the sale, the insider now owns 94,018 shares in the company, valued at $3,127,038.68. This represents a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, November 18th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $41.14, for a total transaction of $1,028,500.00.
• On Wednesday, October 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $48.52, for a total transaction of $1,213,000.00.
• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00.

Avidity Biosciences Stock Performance

RNA opened at $31.82 on Friday. Avidity Biosciences, Inc. has a 1 year low of $8.49 and a 1 year high of $56.00. The company’s 50 day simple moving average is $42.38 and its 200 day simple moving average is $42.15. The stock has a market capitalization of $3.80 billion, a PE ratio of -11.05 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.14. The company had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after purchasing an additional 689,729 shares in the last quarter. Wellington Management Group LLP raised its holdings in Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after buying an additional 3,228,923 shares during the period. Avoro Capital Advisors LLC lifted its position in Avidity Biosciences by 11.7% during the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after buying an additional 680,000 shares in the last quarter. RA Capital Management L.P. lifted its position in Avidity Biosciences by 16.7% during the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after buying an additional 900,000 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after buying an additional 1,239,323 shares during the period.

Analysts Set New Price Targets

RNA has been the topic of a number of analyst reports. Royal Bank of Canada began coverage on Avidity Biosciences in a report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price on the stock. Evercore ISI reduced their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Chardan Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $64.36.

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.