Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $1,040,384.30 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) CEO Sarah Boyce sold 31,855 shares of the business's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the transaction, the chief executive officer now directly owns 265,308 shares of the company's stock, valued at approximately $8,664,959.28. This trade represents a 10.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Sarah Boyce also recently made the following trade(s):

• On Monday, September 23rd, Sarah Boyce sold 32,880 shares of Avidity Biosciences stock. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded up $0.35 during midday trading on Thursday, reaching $31.05. 1,949,315 shares of the company's stock were exchanged, compared to its average volume of 1,310,250. The firm's 50 day simple moving average is $42.93 and its two-hundred day simple moving average is $42.19. Avidity Biosciences, Inc. has a fifty-two week low of $8.37 and a fifty-two week high of $56.00. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of -10.78 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million for the quarter, compared to analysts' expectations of $7.09 million. Equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Royal Bank of Canada assumed coverage on Avidity Biosciences in a report on Tuesday, November 26th. They issued an "outperform" rating and a $67.00 price target for the company. Evercore ISI decreased their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a research note on Monday, August 26th. Barclays began coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 price target on the stock. Chardan Capital reissued a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, TD Cowen boosted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $63.60.

Institutional Trading of Avidity Biosciences

A number of large investors have recently made changes to their positions in RNA. Assenagon Asset Management S.A. purchased a new position in shares of Avidity Biosciences in the 2nd quarter valued at $2,000,000. Nisa Investment Advisors LLC increased its position in shares of Avidity Biosciences by 32.4% during the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company's stock worth $180,000 after purchasing an additional 1,076 shares in the last quarter. EFG Asset Management North America Corp. purchased a new stake in shares of Avidity Biosciences in the 2nd quarter valued at about $1,227,000. Bank of New York Mellon Corp lifted its holdings in shares of Avidity Biosciences by 46.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 363,953 shares of the biotechnology company's stock valued at $14,867,000 after purchasing an additional 115,676 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Avidity Biosciences by 48.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,277 shares of the biotechnology company's stock valued at $910,000 after purchasing an additional 7,258 shares during the period.

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.

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