Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Teresa Mccarthy Sells 25,000 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction on Monday, November 18th. The shares were sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the transaction, the insider now owns 94,018 shares in the company, valued at $3,867,900.52. The trade was a 21.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Teresa Mccarthy also recently made the following trade(s):

• On Wednesday, October 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00.
• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The stock was sold at an average price of $44.00, for a total value of $578,732.00.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded up $0.40 during midday trading on Wednesday, reaching $43.65. 675,384 shares of the company traded hands, compared to its average volume of 1,315,814. The stock has a 50-day moving average price of $45.32 and a 200 day moving average price of $40.65. The company has a market cap of $5.21 billion, a price-to-earnings ratio of -14.93 and a beta of 0.91. Avidity Biosciences, Inc. has a 52 week low of $5.68 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The company had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, analysts expect that Avidity Biosciences, Inc. will post -2.9 EPS for the current year.

Institutional Trading of Avidity Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC grew its holdings in shares of Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after acquiring an additional 689,729 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Avidity Biosciences by 7.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock worth $189,592,000 after acquiring an additional 516,446 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after acquiring an additional 3,228,923 shares during the period. Avoro Capital Advisors LLC lifted its position in shares of Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after acquiring an additional 680,000 shares in the last quarter. Finally, RA Capital Management L.P. lifted its position in shares of Avidity Biosciences by 16.7% in the 3rd 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.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on RNA shares. Chardan Capital reissued a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. TD Cowen boosted their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $63.22.

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.