Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells 107,500 Shares of Stock

Key Points

• Avidity Biosciences Director Arthur A. Levin sold 107,500 shares of stock for a total of $5,119,150, significantly reducing his ownership by 84.55%.
• The company's stock has a market capitalization of $5.58 billion and a recent trading drop of 2.6% to $46.29.
• Avidity Biosciences has seen mixed analyst ratings, with target price adjustments ranging from $48.00 to $96.00 and a consensus buy rating.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) Director Arthur A. Levin sold 107,500 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $47.62, for a total transaction of $5,119,150.00. Following the sale, the director directly owned 19,650 shares in the company, valued at approximately $935,733. The trade was a 84.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Avidity Biosciences Stock Performance

Shares of RNA traded up $0.13 during trading hours on Tuesday, hitting $45.91. The stock had a trading volume of 722,862 shares, compared to its average volume of 1,799,437. The firm has a 50-day moving average price of $33.50 and a 200 day moving average price of $31.39. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of -15.34 and a beta of 0.95.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors have recently modified their holdings of the business. TD Waterhouse Canada Inc. grew its holdings in shares of Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after buying an additional 866 shares in the last quarter. Westside Investment Management Inc. purchased a new stake in shares of Avidity Biosciences in the second quarter valued at about $29,000. PNC Financial Services Group Inc. grew its holdings in shares of Avidity Biosciences by 291.5% in the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company's stock valued at $42,000 after purchasing an additional 1,099 shares during the period. Parallel Advisors LLC grew its holdings in shares of Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after purchasing an additional 515 shares during the period. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of Avidity Biosciences in the fourth quarter valued at about $73,000.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RNA shares. Wells Fargo & Company raised their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Friday. Bank of America raised their price target on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. The Goldman Sachs Group raised shares of Avidity Biosciences to a "buy" rating and set a $55.00 price target on the stock in a research note on Thursday, July 10th. Evercore ISI reaffirmed an "outperform" rating and issued a $70.00 price target on shares of Avidity Biosciences in a research report on Friday, July 11th. Finally, Barclays restated an "overweight" rating and set a $62.00 target price (up previously from $59.00) on shares of Avidity Biosciences in a report on Friday. Seventeen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and a consensus price target of $67.00.

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.