Avidity Biosciences (NASDAQ:RNA) Insider Sells $473,388.30 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 6,534 shares of the business’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $473,388.30. Following the sale, the insider directly owned 85,093 shares in the company, valued at approximately $6,164,987.85. The trade was a 7.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

W. Michael Flanagan also recently made the following trade(s):

• On Wednesday, January 7th, W. Michael Flanagan sold 2,373 shares of Avidity Biosciences stock. The shares were sold at an average price of $72.23, for a total value of $171,401.79.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded down $0.14 during mid-day trading on Friday, hitting $72.60. 1,217,440 shares of the stock traded hands, compared to its average volume of 1,842,906. The company has a market cap of $10.94 billion, a PE ratio of -17.37 and a beta of 0.95. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $72.74. The firm has a 50 day simple moving average of $71.84 and a two-hundred day simple moving average of $55.43.

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

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors have recently modified their holdings of the company. Farther Finance Advisors LLC increased its position in shares of Avidity Biosciences by 507.8% during the fourth quarter. Farther Finance Advisors LLC now owns 1,398 shares of the biotechnology company’s stock worth $101,000 after buying an additional 1,168 shares during the period. High Net Worth Advisory Group LLC bought a new stake in Avidity Biosciences during the fourth quarter valued at $252,000. Ritholtz Wealth Management bought a new stake in Avidity Biosciences during the fourth quarter valued at $252,000. Capricorn Fund Managers Ltd grew its holdings in Avidity Biosciences by 533.9% during the 4th quarter. Capricorn Fund Managers Ltd now owns 68,463 shares of the biotechnology company’s stock worth $4,938,000 after acquiring an additional 57,663 shares during the period. Finally, Harbor Capital Advisors Inc. acquired a new stake in Avidity Biosciences during the 4th quarter worth about $615,000.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RNA. Leerink Partners downgraded shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Wolfe Research downgraded shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Citigroup lowered shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a report on Monday, October 27th. Needham & Company LLC cut shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price objective on the stock. in a research note on Monday, October 27th. Finally, Sanford C. Bernstein downgraded Avidity Biosciences from an “outperform” rating to a “market perform” rating and increased their price objective for the company from $52.00 to $72.00 in a report on Monday, October 27th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock 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.