Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells 11,151 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 11,151 shares of Avidity Biosciences stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $364,191.66. Following the completion of the sale, the chief financial officer now owns 82,942 shares of the company’s stock, valued at $2,708,885.72. This represents a 11.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Avidity Biosciences Trading Up 1.1 %

Shares of NASDAQ:RNA traded up $0.35 during mid-day trading on Thursday, hitting $31.05. 1,949,315 shares of the company traded hands, compared to its average volume of 1,310,250. The stock has a 50-day moving average price of $42.93 and a two-hundred day moving average price of $42.19. Avidity Biosciences, Inc. has a 12-month low of $8.37 and a 12-month high of $56.00. The stock has a market cap of $3.70 billion, a P/E ratio of -10.78 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million for 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%. As a group, analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its position in shares of Avidity Biosciences by 84.9% during the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after buying an additional 3,228,923 shares in the last quarter. State Street Corp lifted its holdings in Avidity Biosciences by 41.7% during the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock worth $216,151,000 after acquiring an additional 1,386,087 shares during the period. Janus Henderson Group PLC boosted its position in Avidity Biosciences by 33.9% in the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after purchasing an additional 1,239,323 shares during the last quarter. RA Capital Management L.P. boosted its position in Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after purchasing an additional 900,000 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. grew its stake in Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after purchasing an additional 707,773 shares during the period.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RNA. TD Cowen lifted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Royal Bank of Canada began coverage on Avidity Biosciences in a report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Ten 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 price target of $63.60.

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.