Avidity Biosciences (NASDAQ:RNA) Director Arthur Levin Sells 1,758 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur Levin sold 1,758 shares of the stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $127,367.10. Following the completion of the transaction, the director owned 16,562 shares in the company, valued at $1,199,916.90. The trade was a 9.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Avidity Biosciences Trading Down 0.2%

Shares of RNA traded down $0.14 during trading hours on Friday, hitting $72.60. 1,217,440 shares of the stock traded hands, compared to its average volume of 1,842,906. The business has a fifty day moving average of $71.84 and a 200-day moving average of $55.43. The firm has a market capitalization of $10.94 billion, a PE ratio of -17.37 and a beta of 0.95. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $72.74.

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 the consensus estimate of ($1.05) by ($0.22). Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The firm had revenue of $12.48 million for the quarter, compared to the consensus estimate of $1.80 million. Avidity Biosciences’s quarterly revenue was up 420.8% on a year-over-year basis. As a group, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNA. AlphaQuest LLC boosted its stake in shares of Avidity Biosciences by 123.0% during the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after buying an additional 331 shares during the last quarter. CWM LLC grew its stake in Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 605 shares in the last quarter. Westside Investment Management Inc. acquired a new position in shares of Avidity Biosciences during the 2nd quarter worth approximately $29,000. Allworth Financial LP raised its stake in shares of Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 159 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Avidity Biosciences by 291.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 1,099 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on RNA shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday. TD Cowen reaffirmed a “hold” rating on shares of Avidity Biosciences in a research note on Wednesday, November 12th. Chardan Capital reissued a “neutral” rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Tuesday, November 11th. HC Wainwright cut shares of Avidity Biosciences from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $87.00 to $72.00 in a research report on Monday, October 27th. Finally, Needham & Company LLC downgraded Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price target for the company. in a report on Monday, October 27th. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $69.57.

About Avidity Biosciences

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.