Avidity Biosciences, Inc. (NASDAQ:RNA) Director Troy Edward Wilson Sells 65,554 Shares

Key Points

• Troy Edward Wilson, director of Avidity Biosciences, sold 65,554 shares of stock for approximately $2.95 million, reducing his holdings by 78.67%.
• Avidity Biosciences' stock price recently dropped 2.6% to $46.29, with a market cap of $5.58 billion and a P/E ratio of -15.43.
• The company reported negative earnings per share for the last quarter, missing analysts' expectations, with a revenue of only $1.60 million compared to a forecast of $2.63 million.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) Director Troy Edward Wilson sold 65,554 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $45.00, for a total transaction of $2,949,930.00. Following the transaction, the director directly owned 17,776 shares in the company, valued at $799,920. This represents a 78.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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

• 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 transaction of $1,327,500.00.

Avidity Biosciences Trading Up 0.4%

Shares of RNA stock traded up $0.19 during mid-day trading on Tuesday, reaching $45.97. The stock had a trading volume of 722,862 shares, compared to its average volume of 1,799,437. The stock's 50-day moving average price is $33.50 and its two-hundred day moving average price is $31.39. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00. The firm has a market capitalization of $5.91 billion, a PE ratio of -15.34 and a beta of 0.95.

Wall Street Analyst Weigh In

RNA has been the subject of a number of research reports. Wells Fargo & Company raised their price objective on Avidity Biosciences from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Friday. JPMorgan Chase & Co. raised their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Barclays reissued an "overweight" rating and issued a $62.00 price objective (up previously from $59.00) on shares of Avidity Biosciences in a research note on Friday. The Goldman Sachs Group raised Avidity Biosciences to a "buy" rating and set a $55.00 price objective for the company in a research note on Thursday, July 10th. Finally, Wolfe Research assumed coverage on Avidity Biosciences in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price objective for the company. Seventeen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $67.00.

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Avidity Biosciences by 291.6% during 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 purchasing an additional 11,594 shares during the period. Parallel Advisors LLC grew its stake in shares of Avidity Biosciences by 43.3% in 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 in the last quarter. Amalgamated Bank boosted its stake 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 purchasing an additional 418 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Avidity Biosciences by 106.1% during the fourth quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock valued at $798,000 after buying an additional 14,129 shares during the last quarter. Finally, New York State Common Retirement Fund grew its stake in shares of Avidity Biosciences by 47.3% during the first quarter. New York State Common Retirement Fund now owns 272,279 shares of the biotechnology company's stock valued at $8,038,000 after buying an additional 87,468 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.