Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean Sells 11,151 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) CFO Michael F. Maclean sold 11,151 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $364,191.66. Following the sale, the chief financial officer now owns 82,942 shares in the company, valued at $2,708,885.72. This represents a 11.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Avidity Biosciences Price Performance

NASDAQ RNA traded up $0.35 during trading hours on Thursday, reaching $31.05. The company's stock had a trading volume of 1,949,315 shares, compared to its average volume of 1,310,250. The firm has a fifty day simple moving average of $42.93 and a 200-day simple moving average of $42.19. Avidity Biosciences, Inc. has a 52 week low of $8.37 and a 52 week high of $56.00. The stock has a market cap of $3.70 billion, a P/E ratio of -10.78 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings results 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. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. On average, research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its stake in shares of Avidity Biosciences by 84.9% in the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company's stock valued at $322,931,000 after purchasing an additional 3,228,923 shares during the last quarter. State Street Corp boosted its position in Avidity Biosciences by 41.7% during the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock valued at $216,151,000 after acquiring an additional 1,386,087 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Avidity Biosciences by 33.9% during the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company's stock worth $224,774,000 after acquiring an additional 1,239,323 shares during the period. RA Capital Management L.P. raised its position in shares of Avidity Biosciences by 16.7% in 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 in the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its stake in shares of Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock valued at $30,190,000 after purchasing an additional 707,773 shares during the period.

Analyst Upgrades and Downgrades

RNA has been the topic of a number of research analyst reports. 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 target price on the stock. Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an "overweight" rating and a $63.00 price objective for the company. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They issued a "buy" rating and a $59.00 target price on the stock. Cantor Fitzgerald reissued an "overweight" rating and issued a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. Finally, Evercore ISI reduced 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. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $63.60.

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.

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