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 business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $46.56, for a total transaction of $465,600.00. Following the completion of the transaction, the insider owned 97,130 shares in the company, valued at approximately $4,522,372.80. The trade was a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded down $0.9050 during trading on Tuesday, reaching $43.5750. 1,118,371 shares of the stock traded hands, compared to its average volume of 1,835,772. The company has a 50-day moving average of $34.63 and a 200-day moving average of $31.88. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00. The stock has a market capitalization of $5.61 billion, a P/E ratio of -12.24 and a beta of 0.95.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Avidity Biosciences by 291.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company's stock worth $492,000 after buying an additional 11,594 shares during the period. Parallel Advisors LLC lifted its stake in 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. Amalgamated Bank boosted its holdings in Avidity Biosciences by 12.0% in the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after purchasing an additional 418 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Avidity Biosciences by 106.1% in the fourth quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock worth $798,000 after acquiring an additional 14,129 shares during the period. Finally, New York State Common Retirement Fund grew its stake in shares of Avidity Biosciences by 47.3% during the 1st quarter. New York State Common Retirement Fund now owns 272,279 shares of the biotechnology company's stock valued at $8,038,000 after purchasing an additional 87,468 shares during the period.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Evercore ISI restated an "outperform" rating and set a $70.00 target price on shares of Avidity Biosciences in a research report on Friday, July 11th. Sanford C. Bernstein started coverage on Avidity Biosciences in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 target price for the company. Wells Fargo & Company upped their price target on Avidity Biosciences from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Chardan Capital reissued a "buy" rating and issued a $75.00 price target on shares of Avidity Biosciences in a report on Friday, August 8th. Finally, The Goldman Sachs Group raised shares of Avidity Biosciences to a "buy" rating and set a $55.00 price objective for the company in a research note on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating and seventeen have assigned a Buy rating to the company's stock. Based on data from MarketBeat, Avidity Biosciences currently has an average rating of "Buy" and an average target price 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.