Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $831,500.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $33.26, for a total transaction of $831,500.00. Following the completion of the transaction, the insider now directly owns 94,018 shares in the company, valued at $3,127,038.68. This trade represents a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Teresa Mccarthy also recently made the following trade(s):

• On Monday, November 18th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $41.14, for a total transaction of $1,028,500.00.
• On Wednesday, October 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00.
• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The shares were sold at an average price of $44.00, for a total value of $578,732.00.

Avidity Biosciences Trading Up 2.5 %

Shares of RNA opened at $31.82 on Friday. The stock’s 50 day moving average is $42.38 and its two-hundred day moving average is $42.15. Avidity Biosciences, Inc. has a twelve month low of $8.49 and a twelve month high of $56.00. The firm has a market capitalization of $3.80 billion, a PE ratio of -11.05 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. On average, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Wall Street Analyst Weigh In

RNA has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 target price on the stock. Barclays assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target for the company. TD Cowen raised their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, Royal Bank of Canada assumed coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 target price for the company. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $64.36.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC increased its holdings in shares of Avidity Biosciences by 30.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock valued at $24,766,000 after purchasing an additional 124,867 shares in the last quarter. Franklin Resources Inc. grew its position in Avidity Biosciences by 229.9% during the third quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company’s stock worth $3,412,000 after buying an additional 50,908 shares during the period. Tidal Investments LLC purchased a new position in Avidity Biosciences in the third quarter valued at about $407,000. Teachers Retirement System of The State of Kentucky lifted its position in shares of Avidity Biosciences by 43.6% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 29,965 shares of the biotechnology company’s stock valued at $1,376,000 after acquiring an additional 9,098 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in shares of Avidity Biosciences during the 3rd quarter valued at approximately $762,000.

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.