Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $1,040,384.30 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 31,855 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the completion of the sale, the chief executive officer now owns 265,308 shares of the company’s stock, valued at approximately $8,664,959.28. This trade represents a 10.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Monday, September 23rd, Sarah Boyce sold 32,880 shares of Avidity Biosciences stock. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00.

Avidity Biosciences Price Performance

RNA traded up $0.35 during trading on Thursday, reaching $31.05. 1,949,315 shares of the stock traded hands, compared to its average volume of 1,310,250. Avidity Biosciences, Inc. has a fifty-two week low of $8.37 and a fifty-two week high of $56.00. The stock’s 50-day simple moving average is $42.93 and its two-hundred day simple moving average is $42.19. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of -10.78 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

Large investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. acquired a new position in Avidity Biosciences during the 2nd quarter worth $2,000,000. Nisa Investment Advisors LLC increased its position in Avidity Biosciences by 32.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after buying an additional 1,076 shares during the period. EFG Asset Management North America Corp. acquired a new position in shares of Avidity Biosciences during the second quarter worth approximately $1,227,000. Bank of New York Mellon Corp boosted its position in shares of Avidity Biosciences by 46.6% in the second quarter. Bank of New York Mellon Corp now owns 363,953 shares of the biotechnology company’s stock valued at $14,867,000 after acquiring an additional 115,676 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Avidity Biosciences by 48.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,277 shares of the biotechnology company’s stock worth $910,000 after acquiring an additional 7,258 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts have recently commented on RNA shares. TD Cowen raised their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Barclays initiated coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and a consensus target price of $63.60.

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.