Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells $246,461.10 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) CFO Michael F. Maclean sold 7,935 shares of the firm'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 $246,461.10. Following the completion of the transaction, the chief financial officer now directly owns 96,720 shares in the company, valued at $3,004,123.20. This trade represents a 7.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Avidity Biosciences Price Performance

RNA traded down $1.20 during trading on Tuesday, reaching $32.10. The company had a trading volume of 1,221,213 shares, compared to its average volume of 1,317,973. The company has a market cap of $3.86 billion, a P/E ratio of -11.15 and a beta of 1.02. Avidity Biosciences, Inc. has a 12 month low of $21.56 and a 12 month high of $56.00. The business's fifty day moving average price is $31.21 and its 200 day moving average price is $37.39.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). The company had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

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Analysts Set New Price Targets

A number of research firms have commented on RNA. Chardan Capital reaffirmed a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. HC Wainwright reaffirmed a "buy" rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Royal Bank of Canada restated an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Barclays lowered their price target on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $66.69.

Institutional Trading of Avidity Biosciences

A number of institutional investors have recently modified their holdings of the company. FMR LLC raised its position in 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 buying an additional 689,729 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Avidity Biosciences by 3.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock valued at $321,127,000 after purchasing an additional 408,861 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock valued at $274,280,000 after purchasing an additional 205,027 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Avidity Biosciences by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock worth $235,725,000 after purchasing an additional 1,075,148 shares in the last quarter. Finally, Avoro Capital Advisors LLC boosted its holdings in Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock worth $218,100,000 after purchasing an additional 625,000 shares during the last quarter.

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.