Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin Sells 5,000 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) Director Arthur A. Levin sold 5,000 shares of the business's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at approximately $678,175.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Avidity Biosciences Price Performance

RNA stock traded down $1.17 on Friday, reaching $44.48. The company's stock had a trading volume of 4,998,430 shares, compared to its average volume of 1,362,889. The firm has a fifty day moving average of $43.82 and a two-hundred day moving average of $33.91. The company has a market capitalization of $4.88 billion, a P/E ratio of -15.07 and a beta of 0.89. Avidity Biosciences, Inc. has a 52 week low of $4.82 and a 52 week high of $48.80.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts' consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The company had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. As a group, equities analysts expect that Avidity Biosciences, Inc. will post -3.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

Several large investors have recently bought and sold shares of RNA. Avoro Capital Advisors LLC raised its stake in shares of Avidity Biosciences by 132.1% in the 1st quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company's stock worth $148,654,000 after buying an additional 3,315,000 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Avidity Biosciences by 4,661.3% during the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company's stock worth $31,704,000 after acquiring an additional 1,216,730 shares during the period. RA Capital Management L.P. raised its position in Avidity Biosciences by 33.7% in the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company's stock worth $83,761,000 after acquiring an additional 827,647 shares in the last quarter. D. E. Shaw & Co. Inc. raised its position in Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock worth $30,190,000 after acquiring an additional 707,773 shares in the last quarter. Finally, Farallon Capital Management LLC acquired a new stake in Avidity Biosciences in the 1st quarter valued at about $15,467,000.

Wall Street Analyst Weigh In

RNA has been the subject of several research analyst reports. Chardan Capital boosted their price objective on Avidity Biosciences from $45.00 to $60.00 and gave the company a "buy" rating in a report on Friday, August 9th. Evercore ISI lowered 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. Needham & Company LLC restated a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $96.00 price objective on shares of Avidity Biosciences in a report on Monday. Finally, Bank of America increased their target price on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a "buy" rating in a report on Thursday, June 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has a consensus rating of "Buy" and a consensus target price of $61.00.

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.

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