Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $858,480.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider W. Michael Flanagan sold 24,000 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total value of $858,480.00. Following the transaction, the insider now owns 85,389 shares of the company's stock, valued at $3,054,364.53. This represents a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Avidity Biosciences Stock Down 3.8 %

Shares of NASDAQ RNA traded down $1.27 during midday trading on Friday, hitting $32.49. The stock had a trading volume of 1,574,639 shares, compared to its average volume of 1,304,165. Avidity Biosciences, Inc. has a 1-year low of $7.79 and a 1-year high of $56.00. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of -11.72 and a beta of 0.89. The company has a fifty day moving average price of $44.01 and a 200 day moving average price of $41.93.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $7.09 million. On average, research analysts forecast that Avidity Biosciences, Inc. will post -2.84 EPS for the current year.

Institutional Trading of Avidity Biosciences

Large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its position in shares of 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 worth $322,931,000 after buying an additional 3,228,923 shares during the period. State Street Corp lifted its position in Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock worth $216,151,000 after acquiring an additional 1,386,087 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Avidity Biosciences by 33.9% in 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. grew its position in Avidity Biosciences by 16.7% in 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 acquiring an additional 900,000 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. raised its stake in shares of Avidity Biosciences by 2,263.7% during the second 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

Several analysts have recently issued reports on the company. Chardan Capital restated a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. TD Cowen upped their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a report on Monday, October 21st. Needham & Company LLC reiterated a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a "buy" rating and a $59.00 price objective on the stock. Finally, Evercore ISI cut their price target on Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating for the company in a report on Monday, August 26th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average 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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