Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean Sells 11,510 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 11,510 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $506,440.00. Following the sale, the chief financial officer now owns 96,355 shares of the company’s stock, valued at $4,239,620. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Avidity Biosciences Price Performance

Avidity Biosciences stock traded down $0.98 during mid-day trading on Monday, reaching $43.50. 2,014,772 shares of the stock traded hands, compared to its average volume of 1,366,452. The stock has a market capitalization of $4.16 billion, a PE ratio of -14.75 and a beta of 0.89. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $48.80. The business’s 50-day moving average is $43.81 and its 200-day moving average is $34.29.

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

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors have recently bought and sold shares of RNA. Charles Schwab Investment Management Inc. raised its holdings in Avidity Biosciences by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 545,771 shares of the biotechnology company’s stock worth $4,939,000 after purchasing an additional 30,674 shares during the period. Quadrant Capital Group LLC raised 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 purchasing an additional 2,714 shares during the period. Quest Partners LLC bought a new position in Avidity Biosciences in the 4th quarter worth $211,000. Steward Partners Investment Advisory LLC raised its holdings in Avidity Biosciences by 202.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 59,000 shares of the biotechnology company’s stock worth $534,000 after purchasing an additional 39,500 shares during the period. Finally, Lighthouse Investment Partners LLC bought a new position in Avidity Biosciences in the 4th quarter worth $592,000.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on RNA shares. Chardan Capital raised their price target on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th. Evercore ISI decreased their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Bank of America upped their price target on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Finally, Barclays assumed coverage on Avidity Biosciences in a report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences presently has a consensus rating of “Buy” and an average price target 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.