Michael Maclean Sells 4,542 Shares of Avidity Biosciences (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael Maclean sold 4,542 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $329,067.90. Following the transaction, the chief financial officer owned 59,290 shares of the company’s stock, valued at $4,295,560.50. This trade represents a 7.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $72.60 on Friday. The stock has a fifty day moving average price of $71.88 and a two-hundred day moving average price of $55.92. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $72.74. The firm has a market capitalization of $10.94 billion, a P/E ratio of -17.37 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Monday, November 10th. The biotechnology company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.22). Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The firm had revenue of $12.48 million during the quarter, compared to analyst estimates of $1.80 million. The business’s revenue was up 420.8% on a year-over-year basis. On average, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RNA. Needham & Company LLC lowered shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price objective for the company. in a report on Monday, October 27th. Leerink Partners lowered Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Loop Capital set a $72.00 price objective on Avidity Biosciences in a research report on Tuesday, October 28th. Wolfe Research lowered Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Finally, Evercore ISI set a $72.00 target price on Avidity Biosciences in a research note on Thursday, December 18th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $69.57.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. AlphaQuest LLC boosted its position in Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 331 shares during the last quarter. CWM LLC lifted its stake in shares of Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after acquiring an additional 605 shares during the period. Westside Investment Management Inc. bought a new position in Avidity Biosciences in the second quarter valued at about $29,000. Allworth Financial LP boosted its holdings in Avidity Biosciences by 22.8% in the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 159 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in Avidity Biosciences by 291.5% in the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 1,099 shares during the period.

Avidity Biosciences News Summary

Here are the key news stories impacting Avidity Biosciences this week:

• Negative Sentiment: CEO Sarah Boyce sold 14,387 shares for ~$1.04M (a 5.08% reduction in her holding). CEO Form 4
• Negative Sentiment: CFO Michael F. Maclean sold 4,542 shares for ~$329k (a 7.12% reduction). CFO Form 4
• Negative Sentiment: Insider W. Michael Flanagan sold 6,534 shares for ~$473k (a 7.13% reduction). Insider Form 4
• Negative Sentiment: Insider Steven George Hughes sold 4,895 shares for ~$355k (a 13.41% reduction). Insider Form 4
• Negative Sentiment: Insider Teresa McCarthy sold 2,929 shares for ~$212k (a 2.51% reduction). Insider Form 4
• Negative Sentiment: Director Arthur A. Levin sold 1,758 shares for ~$127k (a 9.60% reduction). Director Form 4

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.