Sarah Boyce Sells 28,000 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total transaction of $715,120.00. Following the completion of the transaction, the chief executive officer now owns 112,117 shares in the company, valued at $2,863,468.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Sarah Boyce also recently made the following trade(s):

• On Tuesday, March 12th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $22.63, for a total transaction of $633,640.00.
• On Friday, March 8th, Sarah Boyce sold 84,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00.

Avidity Biosciences Price Performance

NASDAQ:RNA opened at $25.39 on Wednesday. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $27.66. The company has a 50-day moving average of $23.50 and a 200 day moving average of $14.18. The firm has a market cap of $2.43 billion, a PE ratio of -8.76 and a beta of 0.79.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly 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). The firm had revenue of $2.19 million for the quarter, compared to analysts’ expectations of $32.08 million. Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -3.07 EPS for the current fiscal year.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently modified their holdings of RNA. Nisa Investment Advisors LLC lifted its position in shares of 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 buying an additional 3,180 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after acquiring an additional 2,714 shares in the last quarter. Aigen Investment Management LP acquired a new position in shares of Avidity Biosciences during the third quarter valued at about $71,000. China Universal Asset Management Co. Ltd. increased its holdings 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 valued at $78,000 after acquiring an additional 6,675 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Avidity Biosciences by 43.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock valued at $95,000 after acquiring an additional 3,182 shares in the last quarter.

Analysts Set New Price Targets

RNA has been the topic of a number of research analyst reports. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a research note on Thursday, April 11th. Chardan Capital reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Avidity Biosciences in a research note on Thursday, February 29th. Finally, Bank of America started coverage on shares of Avidity Biosciences in a research note on Friday, May 3rd. They issued a “buy” rating and a $40.00 price objective for the company. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and a consensus price target of $36.86.

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.