Kathleen P. Gallagher Sells 5,875 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $32.48, for a total transaction of $190,820.00. Following the transaction, the insider now owns 50,554 shares of the company's stock, valued at approximately $1,641,993.92. The trade was a 10.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Avidity Biosciences Stock Performance

RNA stock traded up $0.97 during mid-day trading on Friday, hitting $36.56. The company had a trading volume of 699,114 shares, compared to its average volume of 1,441,570. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The stock's fifty day moving average price is $29.24 and its two-hundred day moving average price is $31.61. The firm has a market cap of $4.41 billion, a PE ratio of -12.68 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data 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 net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $1.60 million for the quarter, compared to analysts' expectations of $2.63 million. Equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Institutional Investors Weigh In On Avidity Biosciences

A number of large investors have recently added to or reduced their stakes in RNA. TD Waterhouse Canada Inc. lifted 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 valued at $29,000 after purchasing an additional 866 shares during the last quarter. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences during the 4th quarter worth $38,000. Parallel Advisors LLC grew its position in shares of Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after acquiring an additional 515 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Avidity Biosciences in the 4th quarter worth $60,000. Finally, GF Fund Management CO. LTD. purchased a new stake in Avidity Biosciences in the fourth quarter worth about $73,000.

Analyst Ratings Changes

A number of equities analysts have issued reports on RNA shares. BMO Capital Markets assumed coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target on the stock. Barclays lowered their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Scotiabank initiated coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 target price on the stock. Bank of America decreased their price objective on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a report on Monday, March 10th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $66.38.

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.