Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 25,000 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the sale, the insider now owns 94,018 shares in the company, valued at $4,561,753.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Teresa Mccarthy also recently made the following trade(s):

• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00.

Avidity Biosciences Stock Up 4.0 %

Shares of NASDAQ RNA opened at $50.45 on Friday. Avidity Biosciences, Inc. has a twelve month low of $4.82 and a twelve month high of $50.78. The firm has a fifty day simple moving average of $44.33 and a 200 day simple moving average of $37.25. The company has a market capitalization of $5.54 billion, a PE ratio of -17.16 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share 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 business had revenue of $2.05 million during the quarter, compared to the consensus estimate 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 Investors Weigh In On Avidity Biosciences

Large investors have recently bought and sold shares of the stock. Concurrent Investment Advisors LLC acquired a new stake in Avidity Biosciences in the first quarter worth $664,000. D. E. Shaw & Co. Inc. grew its holdings in Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after purchasing an additional 707,773 shares during the period. Sofinnova Investments Inc. acquired a new position in shares of Avidity Biosciences during the second quarter valued at about $875,000. Darwin Global Management Ltd. acquired a new position in shares of Avidity Biosciences during the second quarter valued at about $8,108,000. Finally, American Century Companies Inc. increased its position in shares of Avidity Biosciences by 18.5% during the second quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company’s stock worth $6,725,000 after acquiring an additional 25,663 shares in the last quarter.

Analyst Ratings Changes

Several brokerages recently commented on RNA. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. 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. Finally, Chardan Capital increased their price objective 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. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company 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.