Avidity Biosciences (NASDAQ:RNA) CFO Michael Maclean Sells 4,542 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael Maclean sold 4,542 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $329,067.90. Following the sale, the chief financial officer owned 59,290 shares in the company, valued at approximately $4,295,560.50. This trade represents a 7.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA traded down $0.14 during trading on Friday, hitting $72.60. The company’s stock had a trading volume of 1,217,440 shares, compared to its average volume of 1,842,906. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $72.74. The business has a 50 day moving average price of $71.84 and a two-hundred day moving average price of $55.43. The company has a market capitalization of $10.94 billion, a PE ratio of -17.37 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.05) by ($0.22). The company had revenue of $12.48 million during the quarter, compared to analyst estimates of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The company’s quarterly revenue was up 420.8% compared to the same quarter last year. As a group, equities analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RNA shares. TD Cowen reissued a “hold” rating on shares of Avidity Biosciences in a research report on Wednesday, November 12th. Raymond James Financial cut shares of Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 27th. Citigroup downgraded shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a research report on Monday, October 27th. Chardan Capital reiterated a “neutral” rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Tuesday, November 11th. Finally, Roth Mkm lowered Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 target price on the stock. in a report on Monday, October 27th. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $69.57.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Avidity Biosciences by 42.9% in the third quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock valued at $575,985,000 after acquiring an additional 3,971,457 shares during the period. Wellington Management Group LLP raised its position in Avidity Biosciences by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock valued at $438,540,000 after purchasing an additional 815,497 shares during the last quarter. RA Capital Management L.P. raised its position in Avidity Biosciences by 18.9% in the 3rd quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock valued at $376,490,000 after purchasing an additional 1,375,000 shares during the last quarter. Avoro Capital Advisors LLC boosted its stake in Avidity Biosciences by 8.4% during the 3rd quarter. Avoro Capital Advisors LLC now owns 7,645,000 shares of the biotechnology company’s stock worth $333,093,000 after purchasing an additional 595,000 shares during the period. Finally, Geode Capital Management LLC grew its position in Avidity Biosciences by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 2,847,965 shares of the biotechnology company’s stock worth $80,893,000 after purchasing an additional 92,719 shares during the last quarter.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.