Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $416,153.72 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 12,742 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $416,153.72. Following the completion of the sale, the insider now owns 72,647 shares in the company, valued at $2,372,651.02. This represents a 14.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

W. Michael Flanagan also recently made the following trade(s):

• On Wednesday, December 11th, W. Michael Flanagan sold 24,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $35.77, for a total value of $858,480.00.

Avidity Biosciences Price Performance

NASDAQ:RNA opened at $31.05 on Friday. Avidity Biosciences, Inc. has a 12 month low of $8.37 and a 12 month high of $56.00. The business’s 50-day moving average is $42.67 and its two-hundred day moving average is $42.11. The firm has a market capitalization of $3.70 billion, a PE ratio of -10.78 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $7.09 million. Equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC boosted its stake in Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after acquiring an additional 689,729 shares during the last quarter. Wellington Management Group LLP grew its stake in Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after purchasing an additional 3,228,923 shares in the last quarter. Avoro Capital Advisors LLC increased its holdings in Avidity Biosciences by 11.7% in the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after buying an additional 680,000 shares during the last quarter. RA Capital Management L.P. lifted its holdings in Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after buying an additional 900,000 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of Avidity Biosciences by 33.9% in the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after acquiring an additional 1,239,323 shares in the last quarter.

Analysts Set New Price Targets

Several research analysts have weighed in on RNA shares. HC Wainwright assumed coverage on Avidity Biosciences in a report on Friday. They issued a “buy” rating and a $72.00 price target for the company. TD Cowen upped their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Evercore ISI decreased their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $64.36.

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.