Kathleen P. Gallagher Sells 5,875 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 5,875 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the transaction, the insider now owns 50,554 shares in the company, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Avidity Biosciences Price Performance

NASDAQ RNA traded up $1.34 during trading on Wednesday, reaching $34.68. The company’s stock had a trading volume of 1,267,367 shares, compared to its average volume of 1,346,171. The stock has a market capitalization of $4.14 billion, a PE ratio of -12.04 and a beta of 1.00. The firm has a fifty day moving average of $32.57 and a 200 day moving average of $40.38. Avidity Biosciences, Inc. has a one year low of $11.47 and a one year high of $56.00.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in 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 worth $322,931,000 after purchasing an additional 3,228,923 shares during the period. State Street Corp grew its stake in shares of Avidity Biosciences by 41.7% during 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 shares of 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 worth $224,774,000 after buying an additional 1,239,323 shares during the period. RA Capital Management L.P. lifted its stake in shares of Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after acquiring an additional 900,000 shares during the last quarter. Finally, FMR LLC boosted its holdings in Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after acquiring an additional 689,729 shares during the period.

Analyst Ratings Changes

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

About Avidity Biosciences

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.