Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin Sells 20,000 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) Director Arthur A. Levin sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $27.11, for a total transaction of $542,200.00. Following the transaction, the director now owns 253,872 shares of the company's stock, valued at approximately $6,882,469.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Avidity Biosciences Stock Performance

Shares of RNA traded down $0.23 during trading hours on Wednesday, hitting $26.64. The stock had a trading volume of 949,862 shares, compared to its average volume of 1,221,110. The company's fifty day simple moving average is $17.82 and its 200 day simple moving average is $11.08. The firm has a market cap of $2.12 billion, a P/E ratio of -9.27 and a beta of 0.78. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $27.66.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) EPS for the quarter, missing analysts' consensus estimates of ($0.54) by ($0.25). Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. The firm had revenue of $2.19 million for the quarter, compared to analyst estimates of $32.08 million. As a group, sell-side analysts predict that Avidity Biosciences, Inc. will post -3.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RNA shares. Chardan Capital reissued a "buy" rating and issued a $23.00 price objective on shares of Avidity Biosciences in a report on Thursday, February 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $35.00 price objective on shares of Avidity Biosciences in a research report on Thursday, February 29th. Wells Fargo & Company reiterated an "overweight" rating and issued a $50.00 target price on shares of Avidity Biosciences in a research note on Wednesday, January 3rd. Finally, Cantor Fitzgerald initiated coverage on Avidity Biosciences in a research note on Thursday, March 14th. They set an "overweight" rating and a $60.00 price target for the company. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $36.33.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Nisa Investment Advisors LLC boosted its position in Avidity Biosciences by 15,900.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 3,180 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company's stock valued at $30,000 after purchasing an additional 2,714 shares during the last quarter. Quantbot Technologies LP boosted its position in shares of Avidity Biosciences by 600.0% in the 2nd quarter. Quantbot Technologies LP now owns 2,100 shares of the biotechnology company's stock valued at $30,000 after purchasing an additional 1,800 shares during the period. Aigen Investment Management LP purchased a new position in Avidity Biosciences in the 3rd quarter worth about $71,000. Finally, China Universal Asset Management Co. Ltd. raised its holdings in Avidity Biosciences by 352.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company's stock worth $78,000 after buying an additional 6,675 shares during the period.

Avidity Biosciences Company Profile

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.

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