Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 5,875 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the completion of the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,406,917.82. This represents a 10.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Avidity Biosciences Stock Down 5.5 %

Shares of Avidity Biosciences stock traded down $1.40 on Tuesday, reaching $24.08. The company's stock had a trading volume of 2,073,332 shares, compared to its average volume of 1,372,042. The company has a market capitalization of $2.89 billion, a P/E ratio of -8.36 and a beta of 1.01. The stock has a 50-day moving average price of $30.94 and a 200-day moving average price of $36.27. Avidity Biosciences, Inc. has a 52-week low of $22.24 and a 52-week high of $56.00.

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

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Institutional Trading of Avidity Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of RNA. Rhumbline Advisers lifted its stake in Avidity Biosciences by 7.1% in the 1st quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company's stock valued at $4,864,000 after buying an additional 10,973 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after acquiring an additional 515 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Avidity Biosciences by 3,267.5% in the first quarter. GAMMA Investing LLC now owns 66,272 shares of the biotechnology company's stock valued at $1,956,000 after acquiring an additional 64,304 shares in the last quarter. California State Teachers Retirement System boosted its stake in shares of Avidity Biosciences by 9.2% in the fourth quarter. California State Teachers Retirement System now owns 84,552 shares of the biotechnology company's stock worth $2,459,000 after acquiring an additional 7,148 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Avidity Biosciences in the fourth quarter worth approximately $4,722,000.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Scotiabank started coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. Chardan Capital restated a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective on the stock. Bank of America reduced their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a report on Monday, March 10th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $66.69.

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.