Teresa Mccarthy Sells 10,000 Shares of Avidity Biosciences (NASDAQ:RNA) Stock

Key Points

• Insider Sale: Teresa Mccarthy, an insider at Avidity Biosciences, sold 10,000 shares for a total of $465,600 on August 15th, decreasing her ownership by 9.33%.
• Market Performance: The company's stock is currently trading around $46.47, with a market cap of $5.98 billion and a price-to-earnings ratio of -15.49.
• Analyst Ratings: The consensus rating for Avidity Biosciences is "Buy" with a target price of $67.00, according to seventeen research analysts.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider Teresa Mccarthy sold 10,000 shares of the company's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $46.56, for a total transaction of $465,600.00. Following the transaction, the insider owned 97,130 shares in the company, valued at $4,522,372.80. The trade was a 9.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Avidity Biosciences Stock Up 0.7%

Shares of RNA traded up $0.32 on Wednesday, reaching $44.34. The stock had a trading volume of 2,155,079 shares, compared to its average volume of 3,864,723. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The firm has a market capitalization of $5.70 billion, a PE ratio of -12.46 and a beta of 0.95. The firm has a 50-day moving average of $35.08 and a 200 day moving average of $32.05.

Institutional Trading of Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LPL Financial LLC lifted its holdings in shares of Avidity Biosciences by 273.9% during the 4th quarter. LPL Financial LLC now owns 16,726 shares of the biotechnology company's stock worth $486,000 after acquiring an additional 12,253 shares during the period. Legal & General Group Plc grew its holdings in Avidity Biosciences by 7.3% in the fourth quarter. Legal & General Group Plc now owns 102,100 shares of the biotechnology company's stock valued at $2,969,000 after purchasing an additional 6,937 shares during the period. Renaissance Technologies LLC raised its stake in Avidity Biosciences by 48.8% during the fourth quarter. Renaissance Technologies LLC now owns 211,200 shares of the biotechnology company's stock worth $6,142,000 after purchasing an additional 69,300 shares during the period. Raymond James Financial Inc. purchased a new position in Avidity Biosciences during the fourth quarter worth approximately $5,784,000. Finally, Summit Investment Advisors Inc. boosted its holdings in shares of Avidity Biosciences by 6.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,611 shares of the biotechnology company's stock valued at $338,000 after purchasing an additional 666 shares during the last quarter.

Analysts Set New Price Targets

Several research firms have recently issued reports on RNA. JPMorgan Chase & Co. lifted their price target on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Cantor Fitzgerald restated an "overweight" rating and set a $96.00 target price on shares of Avidity Biosciences in a report on Friday, June 27th. Wolfe Research initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, June 17th. They set an "outperform" rating and a $55.00 target price for the company. Sanford C. Bernstein initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 price target on the stock. Finally, Barclays reissued an "overweight" rating and set a $62.00 price objective (up from $59.00) on shares of Avidity Biosciences in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the stock. According to MarketBeat.com, Avidity Biosciences 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.