Michael F. Maclean Sells 11,510 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 11,510 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $506,440.00. Following the completion of the sale, the chief financial officer now directly owns 96,355 shares of the company’s stock, valued at approximately $4,239,620. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Avidity Biosciences Stock Up 1.1 %

RNA opened at $44.00 on Wednesday. The stock’s 50 day moving average price is $43.71 and its two-hundred day moving average price is $34.61. The firm has a market capitalization of $4.21 billion, a P/E ratio of -14.92 and a beta of 0.89. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.11. The business had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. As a group, analysts anticipate that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RNA. Quadrant Capital Group LLC increased its position in shares of Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares during the period. Quarry LP boosted its stake in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after buying an additional 1,700 shares in the last quarter. nVerses Capital LLC increased its holdings in Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after buying an additional 700 shares during the period. Amalgamated Bank raised its stake in shares of Avidity Biosciences by 39.0% in the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after buying an additional 982 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Avidity Biosciences by 32.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after acquiring an additional 1,076 shares during the period.

Wall Street Analyst Weigh In

RNA has been the topic of several analyst reports. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research note on Tuesday. They set a “buy” rating and a $59.00 price target on the stock. Bank of America increased their target price on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Barclays initiated coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and an average price target of $60.75.

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.