Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $979,632.40 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 31,540 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the transaction, the chief executive officer now directly owns 305,871 shares in the company, valued at approximately $9,500,353.26. This represents a 9.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Tuesday, January 21st, Sarah Boyce sold 10,397 shares of Avidity Biosciences stock. The shares were sold at an average price of $28.59, for a total value of $297,250.23.

Avidity Biosciences Price Performance

NASDAQ RNA opened at $30.84 on Monday. Avidity Biosciences, Inc. has a 1 year low of $21.56 and a 1 year high of $56.00. The business’s 50-day moving average is $31.11 and its 200 day moving average is $37.44. The stock has a market capitalization of $3.71 billion, a PE ratio of -10.71 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. As a group, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Institutional Trading of Avidity Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of RNA. Victory Capital Management Inc. lifted its holdings in Avidity Biosciences by 52.1% in the third quarter. Victory Capital Management Inc. now owns 33,184 shares of the biotechnology company’s stock worth $1,524,000 after buying an additional 11,367 shares during the period. Quest Partners LLC lifted its holdings in shares of Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Avidity Biosciences by 3,836.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,025 shares of the biotechnology company’s stock valued at $9,968,000 after purchasing an additional 211,512 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Avidity Biosciences during the third quarter valued at approximately $1,701,000. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Avidity Biosciences during the third quarter valued at approximately $265,000.

Analyst Ratings Changes

RNA has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. HC Wainwright reaffirmed a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Barclays reduced their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $66.69.

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.