Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $220,000.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA – Get Rating) insider Arthur A. Levin sold 10,000 shares of the stock in a transaction dated Thursday, January 12th. The shares were sold at an average price of $22.00, for a total transaction of $220,000.00. Following the completion of the transaction, the insider now directly owns 1,330 shares of the company’s stock, valued at approximately $29,260. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $22.00 on Wednesday. Avidity Biosciences, Inc. has a 1-year low of $9.83 and a 1-year high of $23.57. The firm has a market capitalization of $1.20 billion, a P/E ratio of -6.73 and a beta of -0.05. The company’s 50-day moving average is $16.27 and its 200 day moving average is $17.37.

Avidity Biosciences (NASDAQ:RNA – Get Rating) last issued its earnings results on Tuesday, November 8th. The biotechnology company reported ($0.82) EPS for the quarter, topping analysts’ consensus estimates of ($0.97) by $0.15. The business had revenue of $2.48 million for the quarter, compared to analyst estimates of $2.39 million. Avidity Biosciences had a negative net margin of 1,950.91% and a negative return on equity of 42.97%. Research analysts anticipate that Avidity Biosciences, Inc. will post -3.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on RNA. Chardan Capital lowered their price target on shares of Avidity Biosciences from $29.00 to $27.00 and set a “buy” rating for the company in a report on Tuesday, September 27th. Raymond James increased their price target on shares of Avidity Biosciences from $30.00 to $71.00 and gave the company a “strong-buy” rating in a report on Wednesday, December 14th. Wells Fargo & Company reduced their price objective on shares of Avidity Biosciences from $60.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 4th. Credit Suisse Group increased their price objective on shares of Avidity Biosciences from $33.00 to $35.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 14th. Finally, Needham & Company LLC reduced their price objective on shares of Avidity Biosciences from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, September 27th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $44.60.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. increased its position in shares of Avidity Biosciences by 3.3% during the second quarter. Harbor Capital Advisors Inc. now owns 46,942 shares of the biotechnology company’s stock worth $682,000 after acquiring an additional 1,503 shares during the period. Cowen AND Company LLC purchased a new position in Avidity Biosciences during the second quarter valued at approximately $32,898,000. Walleye Capital LLC increased its holdings in Avidity Biosciences by 95.0% during the second quarter. Walleye Capital LLC now owns 272,306 shares of the biotechnology company’s stock valued at $3,957,000 after buying an additional 132,671 shares during the period. Artisan Partners Limited Partnership purchased a new position in Avidity Biosciences during the second quarter valued at approximately $5,715,000. Finally, Alps Advisors Inc. purchased a new position in Avidity Biosciences during the second quarter valued at approximately $429,000.

Avidity Biosciences Company Profile

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Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.