Arthur A. Levin Sells 3,323 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 3,323 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total value of $139,964.76. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at $624,639.60. This represents a 18.31 % 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 Stock Down 2.2 %

RNA opened at $42.71 on Friday. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of -14.83 and a beta of 0.91. Avidity Biosciences, Inc. has a 52 week low of $5.93 and a 52 week high of $56.00. The business’s 50 day moving average is $45.41 and its two-hundred day moving average is $40.68.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Equities analysts expect that Avidity Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences in the third quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences in the third quarter valued at approximately $30,000. Values First Advisors Inc. purchased a new stake in shares of Avidity Biosciences in the third quarter valued at approximately $32,000. Quarry LP boosted its stake in shares of Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC boosted its stake in shares of Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after buying an additional 1,392 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on RNA shares. Barclays started coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Evercore ISI cut their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. TD Cowen raised their target price on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $63.22.

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.