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

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 13,153 shares of the 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 owns 69,018 shares in the company, valued at $3,036,792. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Avidity Biosciences Trading Down 2.2 %

Shares of Avidity Biosciences stock traded down $0.98 during midday trading on Monday, reaching $43.50. The company had a trading volume of 2,014,772 shares, compared to its average volume of 1,366,452. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of -14.75 and a beta of 0.89. The stock has a fifty day simple moving average of $43.81 and a 200 day simple moving average of $34.29. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $2.05 million during the quarter, compared to analyst estimates of $7.09 million. Sell-side analysts expect that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RNA. Bank of America increased their price target on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Chardan Capital increased their price objective on Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Barclays started coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Tuesday, August 13th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $61.00.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNA. Charles Schwab Investment Management Inc. grew its stake 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 valued at $4,939,000 after buying an additional 30,674 shares during the last quarter. Quadrant Capital Group LLC lifted its stake 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 valued at $30,000 after purchasing an additional 2,714 shares during the last quarter. Quest Partners LLC bought a new position in Avidity Biosciences in the 4th quarter valued at approximately $211,000. Steward Partners Investment Advisory LLC lifted its stake 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 valued at $534,000 after purchasing an additional 39,500 shares during the last quarter. Finally, Lighthouse Investment Partners LLC bought a new position in shares of Avidity Biosciences during the fourth quarter valued at $592,000.

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.