Avidity Biosciences (NASDAQ:RNA) Shares Down 2.7% After Insider Selling

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) dropped 2.7% on Thursday after an insider sold shares in the company. The company traded as low as $25.56 and last traded at $25.92. Approximately 211,657 shares traded hands during trading, a decline of 82% from the average daily volume of 1,204,553 shares. The stock had previously closed at $26.64.

Specifically, CEO Sarah Boyce sold 84,000 shares of the company's stock in a transaction on Friday, March 8th. The shares were sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the sale, the chief executive officer now directly owns 112,117 shares of the company's stock, valued at $2,398,182.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Avidity Biosciences news, insider W. Michael Flanagan sold 4,129 shares of the business's stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $10.13, for a total transaction of $41,826.77. Following the completion of the transaction, the insider now owns 35,871 shares of the company's stock, valued at $363,373.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sarah Boyce sold 84,000 shares of the stock in a transaction on Friday, March 8th. The shares were sold at an average price of $21.39, for a total value of $1,796,760.00. Following the completion of the transaction, the chief executive officer now owns 112,117 shares of the company's stock, valued at $2,398,182.63. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 212,337 shares of company stock valued at $4,690,942. 2.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

Avidity Biosciences Stock Performance

The firm has a market capitalization of $1.89 billion, a P/E ratio of -8.36 and a beta of 0.78. The firm has a 50 day simple moving average of $18.15 and a two-hundred day simple moving average of $11.18.

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

Institutional Trading of Avidity Biosciences

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