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

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 3,287 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $93,975.33. Following the transaction, the chief financial officer now owns 104,655 shares of the company’s stock, valued at approximately $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 is available through this link.

Avidity Biosciences Trading Up 0.2 %

Shares of RNA stock traded up $0.05 during mid-day trading on Thursday, reaching $30.13. The stock had a trading volume of 1,145,046 shares, compared to its average volume of 1,351,486. The company has a market cap of $3.59 billion, a P/E ratio of -10.46 and a beta of 0.99. Avidity Biosciences, Inc. has a 12-month low of $10.12 and a 12-month high of $56.00. The business has a 50-day simple moving average of $34.38 and a 200 day simple moving average of $41.09.

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

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of RNA. KBC Group NV increased its position in Avidity Biosciences by 99.0% during the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock worth $130,000 after buying an additional 2,226 shares in the last quarter. Aaron Wealth Advisors LLC boosted its stake in shares of 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 acquiring an additional 504 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Avidity Biosciences during the 4th quarter worth about $1,179,000. Lord Abbett & CO. LLC raised its stake in 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 during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Avidity Biosciences by 229.9% in the 3rd quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company’s stock valued at $3,412,000 after purchasing an additional 50,908 shares in the last quarter.

Analysts Set New Price Targets

Several research firms recently issued reports on RNA. Chardan Capital reissued a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday. 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. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, TD Cowen boosted their target price 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. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently 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.