Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $979,632.40 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 31,540 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the completion of the sale, the chief executive officer now owns 305,871 shares of the company’s stock, valued at approximately $9,500,353.26. The trade was a 9.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Sarah Boyce also recently made the following trade(s):

• On Tuesday, January 21st, Sarah Boyce sold 10,397 shares of Avidity Biosciences stock. The stock was sold at an average price of $28.59, for a total transaction of $297,250.23.

Avidity Biosciences Stock Up 0.0 %

NASDAQ RNA opened at $30.84 on Friday. The company has a market cap of $3.71 billion, a PE ratio of -10.71 and a beta of 1.02. Avidity Biosciences, Inc. has a 52 week low of $21.56 and a 52 week high of $56.00. The firm’s 50-day simple moving average is $31.11 and its two-hundred day simple moving average is $37.49.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly 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). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. As a group, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently modified their holdings of the company. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences in the third quarter worth about $27,000. TD Waterhouse Canada Inc. lifted its holdings in shares of Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after buying an additional 866 shares in the last quarter. Van ECK Associates Corp purchased a new stake in shares of Avidity Biosciences in the fourth quarter worth about $38,000. Headlands Technologies LLC purchased a new stake in shares of Avidity Biosciences in the fourth quarter worth about $60,000. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of Avidity Biosciences in the fourth quarter worth about $73,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. Scotiabank assumed coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target on the stock. Finally, Barclays cut their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Thirteen 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 $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.