Avidity Biosciences (NASDAQ:RNA) Insider Sells $354,642.75 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Steven George Hughes sold 4,895 shares of the company’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $354,642.75. Following the sale, the insider owned 31,599 shares in the company, valued at approximately $2,289,347.55. This trade represents a 13.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Steven George Hughes also recently made the following trade(s):

• On Wednesday, January 7th, Steven George Hughes sold 2,373 shares of Avidity Biosciences stock. The shares were sold at an average price of $72.23, for a total value of $171,401.79.

Avidity Biosciences Trading Down 0.2%

Shares of RNA traded down $0.14 during mid-day trading on Friday, hitting $72.60. 1,217,440 shares of the company’s stock were exchanged, compared to its average volume of 1,842,906. 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, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $72.74. The business’s 50 day moving average is $71.84 and its two-hundred day moving average is $55.43.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Monday, November 10th. The biotechnology company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates 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%. Avidity Biosciences’s quarterly revenue was up 420.8% compared to the same quarter last year. On average, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. 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 purchasing an additional 331 shares in the last quarter. CWM LLC raised its stake in shares of Avidity Biosciences by 1,635.1% in 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 last quarter. Westside Investment Management Inc. acquired a new stake in shares of Avidity Biosciences in the second quarter valued at $29,000. Allworth Financial LP raised its stake in shares of Avidity Biosciences by 22.8% in the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 159 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Avidity Biosciences by 291.5% during the 2nd 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.

Wall Street Analysts Forecast Growth

RNA has been the subject of several analyst reports. Sanford C. Bernstein downgraded Avidity Biosciences from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $52.00 to $72.00 in a research report on Monday, October 27th. Raymond James Financial lowered Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 27th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $72.00 price target (up from $61.00) on shares of Avidity Biosciences in a report on Tuesday, October 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday. Finally, Chardan Capital restated a “neutral” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $69.57.

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.