Michael F. Maclean Sells 3,287 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 3,287 shares of Avidity Biosciences stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $93,975.33. Following the transaction, the chief financial officer now owns 104,655 shares of the company’s stock, valued at $2,992,086.45. The trade was a 3.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Avidity Biosciences Stock Down 1.5 %

Shares of RNA opened at $29.67 on Friday. Avidity Biosciences, Inc. has a one year low of $10.27 and a one year high of $56.00. The business has a fifty day moving average of $34.13 and a 200 day moving average of $41.03.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $7.09 million. On average, research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently bought and sold shares of the stock. PEAK6 Investments LLC grew its holdings in Avidity Biosciences by 4.9% during the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after purchasing an additional 343 shares during the period. Aaron Wealth Advisors LLC grew its holdings in Avidity Biosciences by 6.6% during the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock valued at $236,000 after purchasing an additional 504 shares during the period. National Bank of Canada FI bought a new stake in Avidity Biosciences during the third quarter valued at about $27,000. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences during the third quarter valued at about $30,000. Finally, Values First Advisors Inc. bought a new stake in Avidity Biosciences during the third quarter valued at about $32,000.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Chardan Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Royal Bank of Canada restated an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. HC Wainwright restated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. Finally, TD Cowen boosted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $65.80.

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.