Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean Sells 104,245 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 104,245 shares of the stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $35.72, for a total transaction of $3,723,631.40. Following the completion of the sale, the chief financial officer now directly owns 44,093 shares in the company, valued at $1,575,001.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Avidity Biosciences Trading Down 0.8 %

Avidity Biosciences stock traded down $0.32 during mid-day trading on Friday, reaching $39.64. The company’s stock had a trading volume of 4,730,468 shares, compared to its average volume of 1,245,588. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of -13.44 and a beta of 0.81. The business has a 50 day moving average price of $27.05 and a 200-day moving average price of $18.72. Avidity Biosciences, Inc. has a twelve month low of $4.82 and a twelve month high of $42.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.81) by $0.02. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. The company had revenue of $3.54 million during the quarter, compared to the consensus estimate of $7.09 million. On average, equities analysts expect that Avidity Biosciences, Inc. will post -3.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of RNA. Nisa Investment Advisors LLC boosted its holdings in shares of Avidity Biosciences by 15,900.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 3,180 shares during the period. Quadrant Capital Group LLC raised its stake 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 valued at $30,000 after purchasing an additional 2,714 shares in the last quarter. Aigen Investment Management LP bought a new stake in shares of Avidity Biosciences during the third quarter valued at about $71,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Avidity Biosciences by 352.2% during the fourth 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 in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of Avidity Biosciences by 43.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock valued at $95,000 after purchasing an additional 3,182 shares in the last quarter.

Wall Street Analyst Weigh In

Several research firms have issued reports on RNA. Chardan Capital raised their price target on shares of Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday. Evercore ISI raised their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday. Needham & Company LLC reiterated a “buy” rating and set a $35.00 price objective on shares of Avidity Biosciences in a research note on Monday. Cantor Fitzgerald started coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They set an “overweight” rating and a $60.00 price objective on the stock. Finally, Bank of America lifted their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $44.29.

About Avidity Biosciences

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.