Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells $1,349,400.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Tamar Thompson sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $44.98, for a total value of $1,349,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Avidity Biosciences Trading Up 5.4 %

Shares of NASDAQ:RNA opened at $46.60 on Friday. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $49.41. The firm has a market capitalization of $5.12 billion, a PE ratio of -15.85 and a beta of 0.89. The business’s 50 day moving average is $43.82 and its 200-day moving average is $36.45.

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

Analyst Ratings Changes

A number of research analysts recently weighed in on RNA shares. The Goldman Sachs Group started coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective on the stock. Barclays started coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective on the stock. Evercore ISI cut their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $60.75.

Institutional Trading of Avidity Biosciences

Several institutional investors have recently modified their holdings of the company. Quarry LP boosted its stake in Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,700 shares in the last quarter. nVerses Capital LLC boosted its stake 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 in the last quarter. Amalgamated Bank boosted its stake in 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. Nisa Investment Advisors LLC boosted its stake 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 valued at $180,000 after buying an additional 1,076 shares in the last quarter. Finally, Xponance Inc. acquired a new stake in Avidity Biosciences in the 2nd quarter valued at $262,000.

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.