Michael F. Maclean Sells 11,151 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 11,151 shares of Avidity Biosciences stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $364,191.66. Following the completion of the transaction, the chief financial officer now owns 82,942 shares in the company, valued at approximately $2,708,885.72. This represents a 11.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Avidity Biosciences Price Performance

RNA stock opened at $31.82 on Friday. Avidity Biosciences, Inc. has a 1 year low of $8.49 and a 1 year high of $56.00. The firm has a 50-day moving average of $42.38 and a 200 day moving average of $42.15. The company has a market cap of $3.80 billion, a P/E ratio of -11.05 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC grew its position in shares of Avidity Biosciences by 30.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after buying an additional 124,867 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Avidity Biosciences by 24.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after acquiring an additional 197,065 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its stake in Avidity Biosciences by 2,263.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after acquiring an additional 707,773 shares in the last quarter. RA Capital Management L.P. grew its holdings in Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after purchasing an additional 900,000 shares during the period. Finally, Sofinnova Investments Inc. bought a new position in shares of Avidity Biosciences during the second quarter valued at approximately $875,000.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RNA shares. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. TD Cowen increased their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Finally, Royal Bank of Canada assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, November 26th. They set an “outperform” rating and a $67.00 price objective for the company. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $64.36.

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.