Sarah Boyce Sells 28,000 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $25.54, for a total value of $715,120.00. Following the completion of the sale, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at $2,863,468.18. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Sarah Boyce also recently made the following trade(s):

• On Tuesday, March 12th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $22.63, for a total value of $633,640.00.
• On Friday, March 8th, Sarah Boyce sold 84,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00.

Avidity Biosciences Price Performance

RNA stock opened at $26.06 on Thursday. The company’s 50 day simple moving average is $23.70 and its 200-day simple moving average is $14.32. Avidity Biosciences, Inc. has a 12 month low of $4.82 and a 12 month high of $27.66. The firm has a market capitalization of $2.49 billion, a PE ratio of -8.99 and a beta of 0.79.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.25). Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. The company had revenue of $2.19 million for the quarter, compared to analyst estimates of $32.08 million. As a group, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -3.07 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Chardan Capital reiterated a “buy” rating and issued a $23.00 price objective on shares of Avidity Biosciences in a research note on Thursday, February 29th. Cantor Fitzgerald started coverage on shares of Avidity Biosciences in a research report on Thursday, March 14th. They set an “overweight” rating and a $60.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $35.00 price target on shares of Avidity Biosciences in a report on Thursday, April 11th. Finally, Bank of America started coverage on Avidity Biosciences in a report on Friday, May 3rd. They set a “buy” rating and a $40.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $36.86.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its holdings in shares of Avidity Biosciences by 15,900.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock worth $29,000 after buying an additional 3,180 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Avidity Biosciences by 456.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after acquiring an additional 2,714 shares during the period. Privium Fund Management B.V. acquired a new position in Avidity Biosciences in the 1st quarter valued at $205,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of Avidity Biosciences by 352.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock worth $78,000 after purchasing an additional 6,675 shares during the period. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Avidity Biosciences during the first quarter worth $221,000.

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.