Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells 5,000 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $46.63, for a total value of $233,150.00. Following the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $691,522.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Avidity Biosciences Trading Down 4.2 %

Shares of NASDAQ RNA traded down $1.98 during midday trading on Wednesday, reaching $45.40. The company’s stock had a trading volume of 793,114 shares, compared to its average volume of 1,336,760. The stock has a 50 day simple moving average of $44.42 and a 200-day simple moving average of $37.72. The stock has a market capitalization of $4.98 billion, a price-to-earnings ratio of -15.77 and a beta of 0.89. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $50.78.

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

Wall Street Analyst Weigh In

RNA has been the topic of several recent analyst reports. 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. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. TD Cowen lifted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday. Barclays began 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. Finally, Evercore ISI decreased their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $62.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Arizona State Retirement System lifted its stake in Avidity Biosciences by 2.1% during the second quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after purchasing an additional 405 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences during the 3rd quarter worth $30,000. Values First Advisors Inc. acquired a new stake in Avidity Biosciences in the third quarter valued at about $32,000. nVerses Capital LLC grew its position in Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after acquiring an additional 700 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its stake in Avidity Biosciences by 4.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock worth $541,000 after acquiring an additional 920 shares in the last quarter.

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.