Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Steven George Hughes Sells 9,578 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Steven George Hughes sold 9,578 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the sale, the insider now owns 72,850 shares in the company, valued at $2,262,721. The trade was a 11.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Avidity Biosciences Stock Up 0.0 %

Shares of Avidity Biosciences stock opened at $30.84 on Monday. The firm has a market cap of $3.71 billion, a PE ratio of -10.71 and a beta of 1.02. The business has a 50-day moving average price of $31.11 and a 200 day moving average price of $37.44. Avidity Biosciences, Inc. has a twelve month low of $21.56 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. On average, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Chardan Capital restated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. HC Wainwright reaffirmed a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, Barclays cut their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $66.69.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently added to or reduced their stakes in the stock. FMR LLC increased its stake in shares of Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after purchasing an additional 689,729 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Avidity Biosciences by 3.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company’s stock worth $321,127,000 after buying an additional 408,861 shares during the last quarter. Vanguard Group Inc. increased its stake in Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock worth $274,280,000 after buying an additional 205,027 shares in the last quarter. Wellington Management Group LLP increased its stake in Avidity Biosciences by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock worth $235,725,000 after buying an additional 1,075,148 shares in the last quarter. Finally, Avoro Capital Advisors LLC raised its holdings in shares of Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock valued at $218,100,000 after acquiring an additional 625,000 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.