Avidity Biosciences (NASDAQ:RNA) Director Sells $127,367.10 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur Levin sold 1,758 shares of the 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 $127,367.10. Following the transaction, the director directly owned 16,562 shares of the company’s stock, valued at approximately $1,199,916.90. This trade represents a 9.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $72.60 on Monday. The stock’s 50 day moving average price is $71.88 and its 200 day moving average price is $56.10. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-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.

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

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on RNA shares. Sanford C. Bernstein cut 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday. Needham & Company LLC downgraded shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 target price for the company. in a report on Monday, October 27th. Raymond James Financial cut shares of Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 27th. Finally, Roth Mkm downgraded shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price target on the stock. in a report on Monday, October 27th. Eight equities 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $69.57.

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

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of RNA. Vanguard Group Inc. raised its position in shares of Avidity Biosciences by 42.9% in the third quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock valued at $575,985,000 after buying an additional 3,971,457 shares during the last quarter. Wellington Management Group LLP grew its stake in Avidity Biosciences by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock worth $438,540,000 after acquiring an additional 815,497 shares during the period. RA Capital Management L.P. raised its holdings in Avidity Biosciences by 18.9% in the 3rd quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock valued at $376,490,000 after acquiring an additional 1,375,000 shares during the last quarter. Avoro Capital Advisors LLC lifted its stake in shares of Avidity Biosciences by 8.4% during the 3rd quarter. Avoro Capital Advisors LLC now owns 7,645,000 shares of the biotechnology company’s stock worth $333,093,000 after purchasing an additional 595,000 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Avidity Biosciences by 3.4% during the second quarter. Geode Capital Management LLC now owns 2,847,965 shares of the biotechnology company’s stock worth $80,893,000 after purchasing an additional 92,719 shares during the last quarter.

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.