Arthur A. Levin Sells 1,872 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 1,872 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the sale, the director now directly owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Avidity Biosciences Stock Down 1.5 %

Avidity Biosciences stock opened at $29.67 on Friday. Avidity Biosciences, Inc. has a twelve month low of $10.27 and a twelve month high of $56.00. The stock’s fifty day simple moving average is $34.13 and its 200-day simple moving average is $41.03.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. On average, analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RNA. HC Wainwright reiterated a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a report on Friday, January 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, TD Cowen raised their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $65.80.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its position in shares of Avidity Biosciences by 84.9% in the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after purchasing an additional 3,228,923 shares during the last quarter. State Street Corp increased its holdings in Avidity Biosciences by 41.7% in the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after buying an additional 1,386,087 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Avidity Biosciences by 33.9% in the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after buying an additional 1,239,323 shares during the last quarter. RA Capital Management L.P. raised its stake in Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after buying an additional 900,000 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its holdings in Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after buying an additional 707,773 shares during the last quarter.

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.