Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin Sells 5,000 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $37.59, for a total transaction of $187,950.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at $557,459.70. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Avidity Biosciences Stock Performance

RNA opened at $39.91 on Thursday. Avidity Biosciences, Inc. has a 12 month low of $4.82 and a 12 month high of $42.00. The business has a 50-day moving average of $29.33 and a two-hundred day moving average of $20.54.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.02. The firm had revenue of $3.54 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. Research analysts predict that Avidity Biosciences, Inc. will post -3.15 EPS for the current fiscal year.

Institutional Trading of Avidity Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC boosted its holdings in Avidity Biosciences by 15,900.0% in 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 last quarter. Quadrant Capital Group LLC boosted its holdings in Avidity Biosciences by 456.9% in the 4th 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 period. Privium Fund Management B.V. acquired a new position in shares of Avidity Biosciences during the first quarter worth $205,000. China Universal Asset Management Co. Ltd. grew its holdings in Avidity Biosciences by 352.2% during 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 in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in Avidity Biosciences during the 1st quarter worth $221,000.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on RNA shares. Chardan Capital lifted their price objective on Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, June 12th. Evercore ISI boosted their price target on Avidity Biosciences from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, June 12th. Bank of America increased their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Needham & Company LLC reissued a “buy” rating and issued a $35.00 target price on shares of Avidity Biosciences in a research note on Monday, June 10th. Finally, Cantor Fitzgerald began coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They set an “overweight” rating and a $60.00 price target on the stock. Seven analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus 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.