Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Kathleen P. Gallagher Sells 911 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 911 shares of the stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $30.24, for a total value of $27,548.64. Following the completion of the transaction, the insider now directly owns 50,392 shares of the company’s stock, valued at approximately $1,523,854.08. The trade was a 1.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Avidity Biosciences Stock Down 0.1%

Avidity Biosciences stock opened at $29.32 on Thursday. The business’s 50-day moving average price is $30.28 and its two-hundred day moving average price is $30.89. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The stock has a market cap of $3.53 billion, a PE ratio of -9.77 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 26.96% and a negative net margin of 4,136.00%. The company had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. As a group, analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Chardan Capital boosted their target price on shares of Avidity Biosciences from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Citigroup boosted their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. JPMorgan Chase & Co. boosted their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th. Barclays boosted their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th. Finally, Wolfe Research started coverage on shares of Avidity Biosciences in a research note on Tuesday. They issued an “outperform” rating and a $55.00 target price on the stock. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $66.56.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp purchased a new stake in shares of Avidity Biosciences in the 4th quarter valued at about $38,000. Rhumbline Advisers grew its position in Avidity Biosciences by 3.2% during the 4th quarter. Rhumbline Advisers now owns 153,803 shares of the biotechnology company’s stock worth $4,473,000 after acquiring an additional 4,795 shares during the last quarter. State of New Jersey Common Pension Fund D grew its position in shares of Avidity Biosciences by 8.1% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 48,536 shares of the biotechnology company’s stock worth $1,411,000 after buying an additional 3,638 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of Avidity Biosciences by 0.3% in the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after buying an additional 598 shares during the last quarter. Finally, Handelsbanken Fonder AB purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at approximately $788,000.

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.