Michael F. Maclean Sells 7,935 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 7,935 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $246,461.10. Following the completion of the transaction, the chief financial officer now directly owns 96,720 shares in the company, valued at approximately $3,004,123.20. This represents a 7.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Avidity Biosciences Trading Up 0.0 %

NASDAQ RNA opened at $30.84 on Friday. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02. The firm’s 50 day simple moving average is $31.11 and its 200 day simple moving average is $37.47. Avidity Biosciences, Inc. has a 1 year low of $21.56 and a 1 year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The firm had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Institutional Trading of Avidity Biosciences

Several large investors have recently made changes to their positions in the company. FMR LLC boosted its position in shares of Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after acquiring an additional 689,729 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Avidity Biosciences by 3.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company’s stock valued at $321,127,000 after buying an additional 408,861 shares in the last quarter. Vanguard Group Inc. boosted its position in Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock valued at $274,280,000 after buying an additional 205,027 shares in the last quarter. Wellington Management Group LLP boosted its position in Avidity Biosciences by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock valued at $235,725,000 after buying an additional 1,075,148 shares in the last quarter. Finally, Avoro Capital Advisors LLC boosted its position in Avidity Biosciences by 9.1% in the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock valued at $218,100,000 after buying an additional 625,000 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Chardan Capital reissued a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. HC Wainwright reissued a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. Bank of America lowered their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Barclays lowered their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, Citigroup assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and an average price target of $66.69.

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.