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

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now owns 50,554 shares of the company’s stock, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $35.11 on Friday. The firm has a 50-day simple moving average of $32.24 and a 200-day simple moving average of $40.31. Avidity Biosciences, Inc. has a one year low of $12.02 and a one year high of $56.00. The firm has a market cap of $4.19 billion, a P/E ratio of -12.19 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS 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 the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RNA. AQR Capital Management LLC bought a new stake in Avidity Biosciences during the second quarter valued at about $492,000. Creative Planning lifted its position in shares of Avidity Biosciences by 45.1% during the second quarter. Creative Planning now owns 13,487 shares of the biotechnology company’s stock valued at $551,000 after buying an additional 4,190 shares during the last quarter. Teamwork Financial Advisors LLC bought a new stake in shares of Avidity Biosciences in the 3rd quarter valued at about $322,000. Aaron Wealth Advisors LLC purchased a new position in shares of Avidity Biosciences in the 3rd quarter worth approximately $349,000. Finally, Raymond James & Associates raised its stake in shares of Avidity Biosciences by 2.0% during the 3rd quarter. Raymond James & Associates now owns 156,763 shares of the biotechnology company’s stock worth $7,200,000 after acquiring an additional 3,131 shares in the last quarter.

Analyst Upgrades and Downgrades

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

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.