Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 130,807 Shares of Stock

Key Points

• Insider Eric Mosbrooker sold 130,807 shares of Avidity Biosciences at an average price of $44.06, resulting in a total transaction value of approximately $5.76 million and a significant 70.40% decrease in their holdings.
• The company reported a quarterly earnings miss with EPS of -$0.90, compared to the consensus estimate of -$0.88, and revenues of $1.60 million falling short of analyst expectations.
• Despite recent challenges, Avidity Biosciences has received a series of positive analyst ratings, with several firms setting price targets ranging from $55.00 to $96.00, indicating confidence in the company's future growth.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider Eric Mosbrooker sold 130,807 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $44.06, for a total value of $5,763,356.42. Following the completion of the sale, the insider directly owned 55,000 shares in the company, valued at approximately $2,423,300. This represents a 70.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Avidity Biosciences Stock Up 0.0%

RNA stock traded up $0.02 during mid-day trading on Wednesday, reaching $46.25. 450,717 shares of the company traded hands, compared to its average volume of 1,804,242. The stock has a market cap of $5.95 billion, a price-to-earnings ratio of -15.39 and a beta of 0.95. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The firm's 50 day moving average price is $33.73 and its 200 day moving average price is $31.50.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently bought and sold shares of the company. TD Waterhouse Canada Inc. lifted its stake in 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 purchasing an additional 866 shares during the last quarter. Westside Investment Management Inc. bought a new stake in Avidity Biosciences during the second quarter worth about $29,000. PNC Financial Services Group Inc. lifted its stake in Avidity Biosciences by 291.5% during the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company's stock worth $42,000 after purchasing an additional 1,099 shares during the last quarter. Parallel Advisors LLC lifted its stake in Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 515 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new stake in Avidity Biosciences during the second quarter worth about $49,000.

Analyst Upgrades and Downgrades

RNA has been the subject of several analyst reports. Wells Fargo & Company raised their target price on Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Chardan Capital reaffirmed a "buy" rating and set a $75.00 target price on shares of Avidity Biosciences in a research report on Friday, August 8th. JPMorgan Chase & Co. raised their target price on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Raymond James Financial started coverage on Avidity Biosciences in a research report on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 price objective for the company. Finally, The Goldman Sachs Group raised Avidity Biosciences to a "buy" rating and set a $55.00 price objective for the company in a research report on Thursday, July 10th. Seventeen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $67.00.

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.