Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $163,501.25 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total transaction of $163,501.25. Following the sale, the insider now owns 50,554 shares of the company’s stock, valued at approximately $1,406,917.82. The trade was a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Avidity Biosciences Price Performance

RNA traded down $1.67 on Thursday, reaching $28.10. 2,256,859 shares of the company traded hands, compared to its average volume of 1,363,387. The company has a market cap of $3.38 billion, a price-to-earnings ratio of -9.76 and a beta of 1.02. The stock’s 50 day moving average price is $31.46 and its 200-day moving average price is $36.91. Avidity Biosciences, Inc. has a 52-week low of $21.56 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.74 million. As a group, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on RNA shares. Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price on the stock. Finally, Scotiabank assumed coverage on Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $66.69.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in RNA. California State Teachers Retirement System raised its holdings in Avidity Biosciences by 9.2% during the fourth quarter. California State Teachers Retirement System now owns 84,552 shares of the biotechnology company’s stock valued at $2,459,000 after buying an additional 7,148 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Avidity Biosciences during the 4th quarter worth about $4,722,000. GF Fund Management CO. LTD. acquired a new stake in Avidity Biosciences during the fourth quarter valued at approximately $73,000. Neo Ivy Capital Management raised its stake in shares of Avidity Biosciences by 479.2% in the fourth quarter. Neo Ivy Capital Management now owns 96,120 shares of the biotechnology company’s stock valued at $2,795,000 after acquiring an additional 79,524 shares during the last quarter. Finally, Castleark Management LLC raised its stake in shares of Avidity Biosciences by 23.7% in the fourth quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company’s stock worth $2,054,000 after acquiring an additional 13,510 shares during the last quarter.

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.