Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce Sells 31,540 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) CEO Sarah Boyce sold 31,540 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the transaction, the chief executive officer now owns 305,871 shares in the company, valued at approximately $9,500,353.26. This trade represents a 9.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Tuesday, January 21st, Sarah Boyce sold 10,397 shares of Avidity Biosciences stock. The stock was sold at an average price of $28.59, for a total transaction of $297,250.23.

Avidity Biosciences Price Performance

NASDAQ:RNA traded down $1.20 during trading hours on Tuesday, hitting $32.10. The stock had a trading volume of 1,221,213 shares, compared to its average volume of 1,317,973. The company has a 50 day simple moving average of $31.21 and a two-hundred day simple moving average of $37.39. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of -11.15 and a beta of 1.02. Avidity Biosciences, Inc. has a one year low of $21.56 and a one year high of $56.00.

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

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Wall Street Analyst Weigh In

A number of analysts recently commented on RNA shares. 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. Barclays decreased their target price on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Bank of America cut their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Citigroup initiated coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a "buy" rating and a $70.00 price objective for the company. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $66.69.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences during the 3rd quarter valued at $27,000. TD Waterhouse Canada Inc. increased its stake in Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 866 shares during the last quarter. Van ECK Associates Corp bought a new position in Avidity Biosciences in the fourth quarter valued at $38,000. Headlands Technologies LLC purchased a new position in shares of Avidity Biosciences in the 4th quarter worth about $60,000. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Avidity Biosciences during the 4th quarter valued at about $73,000.

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.