Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $163,501.25 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the completion of the sale, the insider now owns 50,554 shares in the company, valued at $1,406,917.82. This represents a 10.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Avidity Biosciences Stock Performance

RNA opened at $26.57 on Friday. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of -9.23 and a beta of 1.02. The firm’s fifty day moving average is $31.35 and its 200 day moving average is $36.70. Avidity Biosciences, Inc. has a fifty-two week low of $22.24 and a fifty-two week high of $56.00.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. BMO Capital Markets started coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price target on the stock. Citigroup initiated coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 price target for the company. Barclays reduced their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Chardan Capital reissued a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $66.69.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors have recently added to or reduced their stakes in RNA. PEAK6 Investments LLC lifted its holdings in shares of Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock worth $337,000 after buying an additional 343 shares in the last quarter. Aaron Wealth Advisors LLC lifted its stake in Avidity Biosciences by 6.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after purchasing an additional 504 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in shares of Avidity Biosciences by 8.0% during the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock valued at $204,000 after purchasing an additional 518 shares during the last quarter. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences during the third quarter valued at about $27,000. Finally, New York State Common Retirement Fund increased its holdings in shares of Avidity Biosciences by 0.3% in the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after purchasing an additional 598 shares during the last quarter.

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.