Kathleen P. Gallagher Sells 911 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider Kathleen P. Gallagher sold 911 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $30.24, for a total transaction of $27,548.64. Following the completion of the sale, the insider now directly owns 50,392 shares in the company, valued at $1,523,854.08. This trade represents a 1.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Avidity Biosciences Stock Down 0.0%

NASDAQ RNA traded down $0.01 on Friday, hitting $29.31. 1,505,770 shares of the stock were exchanged, compared to its average volume of 1,402,371. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The company has a market cap of $3.53 billion, a PE ratio of -9.77 and a beta of 0.95. The company has a 50-day moving average price of $30.46 and a 200-day moving average price of $30.74.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 26.96% and a negative net margin of 4,136.00%. The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its holdings in shares of Avidity Biosciences by 7.1% in the 1st quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company's stock valued at $4,864,000 after buying an additional 10,973 shares in the last quarter. Strs Ohio acquired a new position in shares of Avidity Biosciences in the 1st quarter valued at $180,000. Intech Investment Management LLC boosted its holdings in shares of Avidity Biosciences by 1.4% in the 1st quarter. Intech Investment Management LLC now owns 61,675 shares of the biotechnology company's stock valued at $1,821,000 after buying an additional 874 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Avidity Biosciences by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company's stock valued at $10,560,000 after buying an additional 25,329 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Avidity Biosciences by 2.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company's stock valued at $23,164,000 after buying an additional 21,649 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Bank of America upped their target price 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. JPMorgan Chase & Co. upped their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Citigroup upped their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price on the stock. Finally, Chardan Capital upped their target price on shares of Avidity Biosciences from $65.00 to $75.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $66.56.

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.