Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin Sells 5,000 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) Director Arthur A. Levin sold 5,000 shares of the firm's stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $22.82, for a total value of $114,100.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at $338,420.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Avidity Biosciences Trading Up 6.3 %

RNA stock traded up $1.43 during midday trading on Monday, hitting $24.16. 911,772 shares of the company's stock were exchanged, compared to its average volume of 1,177,675. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of -8.33 and a beta of 0.77. The firm has a 50 day moving average price of $21.27 and a 200-day moving average price of $12.84. 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 quarterly earnings data on Wednesday, February 28th. The biotechnology company reported ($0.79) EPS for the quarter, missing analysts' consensus estimates of ($0.54) by ($0.25). The company had revenue of $2.19 million for the quarter, compared to the consensus estimate of $32.08 million. Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. On average, sell-side analysts forecast that Avidity Biosciences, Inc. will post -3.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RNA. Needham & Company LLC reaffirmed a "buy" rating and issued a $35.00 target price on shares of Avidity Biosciences in a research report on Thursday, April 11th. Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 14th. They set an "overweight" rating and a $60.00 target price on the stock. Chardan Capital reiterated a "buy" rating and issued a $23.00 price target on shares of Avidity Biosciences in a report on Thursday, February 29th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $50.00 target price on shares of Avidity Biosciences in a research report on Wednesday, January 3rd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $36.33.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently bought and sold shares of the company. Raymond James & Associates grew its position in shares of Avidity Biosciences by 127.6% during the 1st quarter. Raymond James & Associates now owns 295,718 shares of the biotechnology company's stock valued at $7,547,000 after buying an additional 165,797 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Avidity Biosciences by 2.5% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company's stock worth $1,862,000 after purchasing an additional 1,777 shares during the last quarter. Wellington Management Group LLP boosted its position in Avidity Biosciences by 17.4% during the 4th quarter. Wellington Management Group LLP now owns 291,218 shares of the biotechnology company's stock valued at $2,636,000 after purchasing an additional 43,147 shares during the period. Lighthouse Investment Partners LLC acquired a new stake in Avidity Biosciences in the fourth quarter worth $592,000. Finally, Steward Partners Investment Advisory LLC lifted its stake in Avidity Biosciences by 202.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 59,000 shares of the biotechnology company's stock valued at $534,000 after buying an additional 39,500 shares during the last quarter.

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.