W. Michael Flanagan Sells 6,534 Shares of Avidity Biosciences (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 6,534 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $473,388.30. Following the sale, the insider directly owned 85,093 shares in the company, valued at approximately $6,164,987.85. The trade was a 7.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

W. Michael Flanagan also recently made the following trade(s):

• On Wednesday, January 7th, W. Michael Flanagan sold 2,373 shares of Avidity Biosciences stock. The stock was sold at an average price of $72.23, for a total value of $171,401.79.

Avidity Biosciences Stock Down 0.2%

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

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly 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). The business had revenue of $12.48 million during the quarter, compared to analyst estimates of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The firm’s revenue was up 420.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Avidity Biosciences News Roundup

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

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently modified their holdings of the business. AlphaQuest LLC raised its stake in shares of Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after acquiring an additional 331 shares in the last quarter. CWM LLC increased its holdings in Avidity Biosciences by 1,635.1% during the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 605 shares during the period. Westside Investment Management Inc. acquired a new stake in Avidity Biosciences in the 2nd quarter valued at about $29,000. Allworth Financial LP boosted its stake in shares of Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 159 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in shares of Avidity Biosciences by 291.5% during the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after buying an additional 1,099 shares in the last quarter.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RNA. TD Cowen reissued a “hold” rating on shares of Avidity Biosciences in a research note on Wednesday, November 12th. Needham & Company LLC lowered Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 target price on the stock. in a research report on Monday, October 27th. Royal Bank Of Canada restated a “sector perform” rating and set a $72.00 price target (up from $61.00) on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Chardan Capital reaffirmed a “neutral” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, November 11th. Finally, Wolfe Research lowered Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $69.57.

About Avidity Biosciences

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.