Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells 7,935 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 7,935 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the transaction, the chief financial officer now owns 96,720 shares in the company, valued at approximately $3,004,123.20. This trade represents a 7.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Avidity Biosciences Trading Up 0.0 %

RNA opened at $30.84 on Friday. Avidity Biosciences, Inc. has a 1-year low of $21.56 and a 1-year high of $56.00. The company has a market cap of $3.71 billion, a P/E ratio of -10.71 and a beta of 1.02. The company has a fifty day moving average price of $31.11 and a two-hundred day moving average price of $37.47.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. On average, research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RNA. BMO Capital Markets began coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price target on the stock. Bank of America cut their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Chardan Capital reiterated a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. Scotiabank began coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price target on the stock. Finally, Citigroup started coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 price target on the stock. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $66.69.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the stock. National Bank of Canada FI bought a new stake in Avidity Biosciences in the third quarter valued at $27,000. TD Waterhouse Canada Inc. increased its position in shares of Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 866 shares in the last quarter. Van ECK Associates Corp bought a new stake in shares of Avidity Biosciences during the fourth quarter worth about $38,000. Quest Partners LLC increased its position in shares of Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Avidity Biosciences during the fourth quarter worth about $60,000.

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.