Avidity Biosciences, Inc. (NASDAQ:RNA) Insider W. Michael Flanagan Sells 20,000 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider W. Michael Flanagan sold 20,000 shares of Avidity Biosciences stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the transaction, the insider now owns 80,195 shares of the company's stock, valued at approximately $2,636,811.60. The trade was a 19.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Avidity Biosciences Stock Down 2.4%

NASDAQ:RNA traded down $0.77 on Friday, hitting $31.37. The stock had a trading volume of 963,594 shares, compared to its average volume of 1,412,242. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The business's fifty day moving average is $29.99 and its 200 day moving average is $31.09. The company has a market cap of $3.78 billion, a PE ratio of -10.89 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Equities analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers boosted its holdings in shares of Avidity Biosciences by 7.1% in the 1st quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company's stock worth $4,864,000 after purchasing an additional 10,973 shares in the last quarter. Strs Ohio purchased a new position in shares of Avidity Biosciences in the 1st quarter worth about $180,000. Intech Investment Management LLC boosted its holdings in shares of Avidity Biosciences by 1.4% in the 1st quarter. Intech Investment Management LLC now owns 61,675 shares of the biotechnology company's stock worth $1,821,000 after purchasing an additional 874 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Avidity Biosciences by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company's stock worth $10,560,000 after purchasing an additional 25,329 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Avidity Biosciences by 2.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company's stock worth $23,164,000 after purchasing an additional 21,649 shares in the last quarter.

Analysts Set New Price Targets

RNA has been the topic of several recent research reports. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th. Barclays raised their price target on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Citigroup raised their price target on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. HC Wainwright reduced their target price on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, Scotiabank assumed coverage on Avidity Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 target price on the stock. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $67.33.

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.