Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Kathleen P. Gallagher Sells 5,875 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares in the company, valued at $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded down $0.19 during trading on Friday, reaching $34.92. 2,029,046 shares of the stock were exchanged, compared to its average volume of 1,343,672. Avidity Biosciences, Inc. has a 1-year low of $12.02 and a 1-year high of $56.00. The stock has a fifty day moving average of $32.07 and a two-hundred day moving average of $40.16. The firm has a market cap of $4.17 billion, a price-to-earnings ratio of -12.13 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS 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 business had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. Sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RNA. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. TD Cowen upped their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, October 21st. HC Wainwright reiterated a "buy" rating and set a $72.00 price target on shares of Avidity Biosciences in a report on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Chardan Capital restated a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $65.80.

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the business. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences in the 3rd quarter worth $27,000. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences in the 3rd quarter worth about $30,000. Values First Advisors Inc. purchased a new stake in Avidity Biosciences in the 3rd quarter valued at about $32,000. Van ECK Associates Corp bought a new position in shares of Avidity Biosciences during the 4th quarter worth approximately $38,000. Finally, Quest Partners LLC boosted its stake in shares of Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock worth $93,000 after buying an additional 1,392 shares during the last quarter.

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.