Steven George Hughes Sells 9,578 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider Steven George Hughes sold 9,578 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the sale, the insider now owns 72,850 shares of the company's stock, valued at $2,262,721. The trade was a 11.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Avidity Biosciences Trading Down 3.6 %

NASDAQ RNA traded down $1.20 during trading hours on Tuesday, reaching $32.10. 1,221,213 shares of the company traded hands, compared to its average volume of 1,317,973. The stock has a market capitalization of $3.86 billion, a PE 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 company has a 50 day moving average of $31.21 and a two-hundred day moving average of $37.39.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its 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%. On average, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Remove Ads

Institutional Trading of Avidity Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the company. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences in the 3rd quarter worth approximately $27,000. TD Waterhouse Canada Inc. lifted its stake in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 866 shares during the last quarter. Van ECK Associates Corp acquired a new position in Avidity Biosciences in the fourth quarter worth $38,000. Quest Partners LLC increased its stake in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock valued at $93,000 after purchasing an additional 1,392 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth $60,000.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RNA. HC Wainwright reaffirmed a "buy" rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. BMO Capital Markets initiated coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price for the company. Citigroup began coverage on Avidity Biosciences in a research report on Thursday, March 13th. They set a "buy" rating and a $70.00 price target on the stock. Bank of America lowered their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $66.69.

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.