Insider Selling: Avidity Biosciences (NASDAQ:RNA) Director Sells 29,500 Shares of Stock

Key Points

• Troy Edward Wilson, Director of Avidity Biosciences, sold 29,500 shares at an average price of $50.00, totaling $1,475,000.00, which decreased his ownership by 35.15%.
• The company's stock is currently trading around $46.62 and has experienced a 3.0% decline recently, with a market capitalization of $6.00 billion.
• Analysts have a positive outlook, with the average price target for Avidity Biosciences set at $67.00 and 17 analysts rating the stock as a Buy.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) Director Troy Edward Wilson sold 29,500 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $50.00, for a total value of $1,475,000.00. Following the completion of the sale, the director directly owned 54,425 shares of the company's stock, valued at approximately $2,721,250. This trade represents a 35.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Troy Edward Wilson also recently made the following trade(s):

• On Wednesday, August 6th, Troy Edward Wilson sold 65,554 shares of Avidity Biosciences stock. The shares were sold at an average price of $45.00, for a total value of $2,949,930.00.
• On Wednesday, August 6th, Troy Edward Wilson sold 29,500 shares of Avidity Biosciences stock. The stock was sold at an average price of $45.00, for a total value of $1,327,500.00.

Avidity Biosciences Price Performance

NASDAQ RNA traded up $3.70 during trading hours on Friday, reaching $44.74. 12,959,147 shares of the stock traded hands, compared to its average volume of 2,030,470. The company has a market cap of $5.76 billion, a price-to-earnings ratio of -12.57 and a beta of 0.99. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $56.00. The stock has a 50 day simple moving average of $40.58 and a two-hundred day simple moving average of $33.59.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in 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 valued at $492,000 after acquiring an additional 11,594 shares during the last quarter. Parallel Advisors LLC increased its holdings 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 worth $50,000 after buying an additional 515 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Avidity Biosciences by 12.0% during the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after buying an additional 418 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in Avidity Biosciences by 106.1% in the 4th quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock valued at $798,000 after purchasing an additional 14,129 shares during the last quarter. Finally, New York State Common Retirement Fund increased its holdings in Avidity Biosciences by 47.3% in 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 last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RNA shares. Barclays reiterated an "overweight" rating and set a $62.00 target price (up from $59.00) on shares of Avidity Biosciences in a research note on Friday, August 8th. HC Wainwright upped their price objective on Avidity Biosciences from $68.00 to $87.00 and gave the stock a "buy" rating in a research note on Friday. Cantor Fitzgerald restated an "overweight" rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Friday, June 27th. Citigroup increased their price target on Avidity Biosciences from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Finally, Needham & Company LLC increased their price target on Avidity Biosciences from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $68.33.

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.