Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $657,600.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider W. Michael Flanagan sold 20,000 shares of the firm's 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 transaction, the insider now owns 80,195 shares of the company's stock, valued at $2,636,811.60. The trade was a 19.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Avidity Biosciences Trading Down 2.4%

NASDAQ:RNA traded down $0.77 during midday trading on Friday, reaching $31.38. The company had a trading volume of 461,751 shares, compared to its average volume of 1,429,178. The stock's fifty day simple moving average is $29.84 and its 200-day simple moving average is $31.26. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of -10.84 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its 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 company had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. TD Waterhouse Canada Inc. grew its stake in shares of Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 866 shares in the last quarter. Van ECK Associates Corp acquired a new position in Avidity Biosciences during the 4th quarter worth $38,000. Parallel Advisors LLC increased its position 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 purchasing an additional 515 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Avidity Biosciences during the fourth quarter worth about $60,000. Finally, GF Fund Management CO. LTD. acquired a new position in Avidity Biosciences in the fourth quarter worth about $73,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on RNA shares. Bank of America upped their price target on shares of Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research note on Monday. HC Wainwright decreased their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a report on Monday, May 12th. Barclays lifted their target price on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday. Scotiabank initiated coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 target price on the stock. Finally, Raymond James began coverage on shares of Avidity Biosciences in a research note on Wednesday. They set a "strong-buy" rating and a $65.00 price objective 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. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price 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.