Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $715,120.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total value of $715,120.00. Following the transaction, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at approximately $2,863,468.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Sarah Boyce also recently made the following trade(s):

• On Tuesday, March 12th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $22.63, for a total value of $633,640.00.
• On Friday, March 8th, Sarah Boyce sold 84,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $21.39, for a total transaction of $1,796,760.00.

Avidity Biosciences Stock Up 4.0 %

NASDAQ:RNA opened at $27.10 on Friday. The company has a market cap of $2.59 billion, a PE ratio of -8.99 and a beta of 0.79. The business’s 50 day moving average is $23.91 and its two-hundred day moving average is $14.40. Avidity Biosciences, Inc. has a 52 week low of $4.82 and a 52 week high of $27.66.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.25). The firm had revenue of $2.19 million for the quarter, compared to analyst estimates of $32.08 million. Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -3.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC lifted its holdings in shares of Avidity Biosciences by 15,900.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 3,180 shares during the last quarter. Quadrant Capital Group LLC grew its position in shares of Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after acquiring an additional 2,714 shares during the last quarter. Privium Fund Management B.V. acquired a new stake in shares of Avidity Biosciences in the 1st quarter worth about $205,000. China Universal Asset Management Co. Ltd. lifted its position in Avidity Biosciences by 352.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock valued at $78,000 after purchasing an additional 6,675 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in Avidity Biosciences during the 1st quarter valued at about $221,000.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on RNA shares. Bank of America began coverage on shares of Avidity Biosciences in a research note on Friday, May 3rd. They set a “buy” rating and a $40.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 target price on shares of Avidity Biosciences in a research note on Thursday, April 11th. Chardan Capital reissued a “buy” rating and set a $23.00 price target on shares of Avidity Biosciences in a research note on Thursday, February 29th. Finally, Cantor Fitzgerald initiated coverage on Avidity Biosciences in a research report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $36.86.

Avidity Biosciences Company Profile

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.