Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin Sells 5,000 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $22.82, for a total value of $114,100.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $338,420.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Avidity Biosciences Stock Up 6.3 %

Shares of NASDAQ RNA opened at $24.16 on Tuesday. The business has a fifty day simple moving average of $21.27 and a 200-day simple moving average of $12.84. The company has a market cap of $1.93 billion, a price-to-earnings ratio of -8.33 and a beta of 0.77. Avidity Biosciences, Inc. has a 12 month low of $4.82 and a 12 month high of $27.66.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.54) by ($0.25). Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. The firm had revenue of $2.19 million during the quarter, compared to analyst estimates of $32.08 million. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -3.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on RNA. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a report on Thursday, April 11th. Cantor Fitzgerald began coverage on Avidity Biosciences in a research note on Thursday, March 14th. They set an “overweight” rating and a $60.00 price target for the company. Wells Fargo & Company restated an “overweight” rating and issued a $50.00 price objective on shares of Avidity Biosciences in a report on Wednesday, January 3rd. Finally, Chardan Capital reiterated a “buy” rating and issued a $23.00 price target on shares of Avidity Biosciences in a research report on Thursday, February 29th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $36.33.

Institutional Trading of Avidity Biosciences

Hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC grew its position 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 in the last quarter. Quadrant Capital Group LLC grew its stake in Avidity Biosciences by 456.9% in the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in 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 valued at $78,000 after acquiring an additional 6,675 shares in the last quarter. Daiwa Securities Group Inc. grew its position in Avidity Biosciences by 43.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock worth $95,000 after acquiring an additional 3,182 shares in the last quarter. Finally, Aigen Investment Management LP bought a new position in shares of Avidity Biosciences during the 3rd quarter valued at $71,000.

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.