Insider Selling: Avidity Biosciences (NASDAQ:RNA) Insider Sells 1,965 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 1,965 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $72.23, for a total transaction of $141,931.95. Following the completion of the sale, the insider directly owned 116,867 shares in the company, valued at $8,441,303.41. This represents a 1.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Teresa Mccarthy also recently made the following trade(s):

• On Wednesday, October 15th, Teresa Mccarthy sold 20,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $50.15, for a total transaction of $1,003,000.00.

Avidity Biosciences Stock Performance

NASDAQ RNA remained flat at $72.37 during trading hours on Friday. The company’s stock had a trading volume of 1,122,166 shares, compared to its average volume of 2,547,569. The firm has a 50-day moving average price of $71.36 and a 200 day moving average price of $52.43. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $72.61. The firm has a market cap of $10.90 billion, a P/E ratio of -17.31 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). The firm had revenue of $12.48 million for the quarter, compared to analysts’ expectations of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. Avidity Biosciences’s revenue for the quarter was up 420.8% on a year-over-year basis. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on RNA shares. Loop Capital set a $72.00 target price on shares of Avidity Biosciences in a report on Tuesday, October 28th. HC Wainwright downgraded Avidity Biosciences from a “buy” rating to a “neutral” rating and reduced their price target for the company from $87.00 to $72.00 in a report on Monday, October 27th. Leerink Partnrs lowered Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Wolfe Research cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Finally, TD Cowen lowered shares of Avidity Biosciences from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $78.00 to $74.00 in a report on Wednesday, October 29th. Eight analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $69.57.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in Avidity Biosciences by 38.2% in the 1st quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company’s stock worth $1,308,000 after acquiring an additional 12,241 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of Avidity Biosciences by 22.7% in the first quarter. NewEdge Advisors LLC now owns 23,837 shares of the biotechnology company’s stock worth $704,000 after purchasing an additional 4,410 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Avidity Biosciences by 2.8% in the first quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock worth $23,164,000 after purchasing an additional 21,649 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Avidity Biosciences by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company’s stock worth $10,560,000 after buying an additional 25,329 shares in the last quarter. Finally, Intech Investment Management LLC raised its position in Avidity Biosciences by 1.4% in the 1st quarter. Intech Investment Management LLC now owns 61,675 shares of the biotechnology company’s stock worth $1,821,000 after buying an additional 874 shares during the last quarter.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.