Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells 28,000 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) CEO Sarah Boyce sold 28,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total value of $715,120.00. Following the completion of the transaction, the chief executive officer now directly owns 112,117 shares of the company's stock, valued at approximately $2,863,468.18. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Sarah Boyce also recently made the following trade(s):

• On Tuesday, March 12th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $22.63, for a total value of $633,640.00.
• On Friday, March 8th, Sarah Boyce sold 84,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $21.39, for a total transaction of $1,796,760.00.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock traded down $0.94 during trading on Tuesday, hitting $25.39. 682,046 shares of the company's stock traded hands, compared to its average volume of 1,134,431. Avidity Biosciences, Inc. has a 1 year low of $4.82 and a 1 year high of $27.66. The business has a 50-day simple moving average of $23.50 and a 200-day simple moving average of $14.18. The stock has a market capitalization of $2.43 billion, a P/E ratio of -8.93 and a beta of 0.79.

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

Analyst Ratings Changes

Several equities research analysts recently commented on RNA shares. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They set an "overweight" rating and a $60.00 price objective on the stock. Chardan Capital reissued a "buy" rating and issued a $23.00 target price on shares of Avidity Biosciences in a report on Thursday, February 29th. Needham & Company LLC restated a "buy" rating and set a $35.00 price target on shares of Avidity Biosciences in a report on Thursday, April 11th. Finally, Bank of America began coverage on shares of Avidity Biosciences in a research note on Friday. They issued a "buy" rating and a $40.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and an average target price of $36.86.

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. grew its stake in shares of Avidity Biosciences by 73.3% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,300,000 shares of the biotechnology company's stock valued at $8,294,000 after acquiring an additional 550,000 shares during the period. Vanguard Group Inc. boosted its holdings in Avidity Biosciences by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 4,014,490 shares of the biotechnology company's stock worth $25,612,000 after buying an additional 47,305 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Avidity Biosciences by 301.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 166,019 shares of the biotechnology company's stock worth $1,502,000 after buying an additional 124,633 shares in the last quarter. FMR LLC lifted its position in shares of Avidity Biosciences by 4.6% in the third quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company's stock valued at $70,910,000 after acquiring an additional 491,567 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of Avidity Biosciences by 149.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 86,611 shares of the biotechnology company's stock worth $784,000 after purchasing an additional 51,839 shares in 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.

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