Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $1,446,720.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the sale, the chief executive officer now directly owns 234,663 shares in the company, valued at approximately $10,325,172. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Tuesday, August 6th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $43.35, for a total value of $1,213,800.00.
• On Tuesday, July 9th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $39.93, for a total transaction of $1,118,040.00.

Avidity Biosciences Stock Down 2.2 %

Shares of Avidity Biosciences stock traded down $0.98 during trading on Monday, hitting $43.50. The stock had a trading volume of 2,014,772 shares, compared to its average volume of 1,366,452. Avidity Biosciences, Inc. has a 1 year low of $4.82 and a 1 year high of $48.80. The stock has a 50 day simple moving average of $43.81 and a 200 day simple moving average of $34.29. The company has a market capitalization of $4.16 billion, a PE ratio of -14.75 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) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. The firm had revenue of $2.05 million during the quarter, compared to analyst estimates of $7.09 million. As a group, equities analysts expect that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP lifted its stake in Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,700 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Avidity Biosciences by 456.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after acquiring an additional 2,714 shares in the last quarter. nVerses Capital LLC increased its holdings in shares of Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after purchasing an additional 700 shares during the period. Amalgamated Bank lifted its position in shares of Avidity Biosciences by 39.0% in the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 982 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Avidity Biosciences by 32.4% during the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after purchasing an additional 1,076 shares during the period.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, August 13th. 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. 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. 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 report on Thursday, June 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $61.00.

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.