Avidity Biosciences (NASDAQ:RNA) Insider Sells $212,206.05 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 2,929 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $212,206.05. Following the sale, the insider owned 113,938 shares of the company’s stock, valued at $8,254,808.10. This trade represents a 2.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

Teresa Mccarthy also recently made the following trade(s):

• On Wednesday, January 7th, Teresa Mccarthy sold 1,965 shares of Avidity Biosciences stock. The shares were sold at an average price of $72.23, for a total transaction of $141,931.95.

Avidity Biosciences Price Performance

NASDAQ:RNA opened at $72.60 on Monday. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $72.74. The company has a market cap of $10.94 billion, a PE ratio of -17.37 and a beta of 0.95. The firm has a 50-day moving average of $71.88 and a 200-day moving average of $56.10.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). The company had revenue of $12.48 million for 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 company’s quarterly revenue was up 420.8% on a year-over-year basis. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Institutional Trading of Avidity Biosciences

A number of large investors have recently added to or reduced their stakes in RNA. AlphaQuest LLC raised its position in Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 331 shares during the period. CWM LLC increased its stake in shares of 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 last quarter. Allworth Financial LP increased its stake in shares of Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 159 shares during the last quarter. Westside Investment Management Inc. bought a new stake in shares of Avidity Biosciences in the 2nd quarter worth approximately $29,000. Finally, Comerica Bank lifted its stake in Avidity Biosciences by 75.9% in the third quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock valued at $58,000 after purchasing an additional 576 shares during the last quarter.

More Avidity Biosciences News

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RNA. Evercore ISI set a $72.00 price objective on Avidity Biosciences in a research note on Thursday, December 18th. Sanford C. Bernstein lowered shares of Avidity Biosciences from an “outperform” rating to a “market perform” rating and raised their price target for the company from $52.00 to $72.00 in a research report on Monday, October 27th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $72.00 price objective (up from $61.00) on shares of Avidity Biosciences in a research report on Tuesday, October 28th. Citigroup lowered shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Finally, HC Wainwright cut shares of Avidity Biosciences from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $87.00 to $72.00 in a research report on Monday, October 27th. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target 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.