Teresa Mccarthy Sells 13,153 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 13,153 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the sale, the insider now directly owns 69,018 shares in the company, valued at approximately $3,036,792. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $44.00 on Wednesday. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $48.80. The firm’s 50 day simple moving average is $43.71 and its 200-day simple moving average is $34.61. The company has a market cap of $4.21 billion, a P/E ratio of -14.92 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.11. The firm had revenue of $2.05 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. On average, analysts expect that Avidity Biosciences, Inc. will post -3.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Arizona State Retirement System boosted its position in Avidity Biosciences by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after acquiring an additional 405 shares during the period. nVerses Capital LLC boosted its holdings in shares of Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after purchasing an additional 700 shares during the period. State Board of Administration of Florida Retirement System grew its position in Avidity Biosciences by 4.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock valued at $541,000 after purchasing an additional 920 shares in the last quarter. Amalgamated Bank grew its position in Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 982 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Avidity Biosciences by 32.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after buying an additional 1,076 shares during the period.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Barclays began coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Chardan Capital increased their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, Evercore ISI decreased their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $60.75.

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.