Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $657,600.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 20,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the sale, the insider now owns 80,195 shares of the company’s stock, valued at approximately $2,636,811.60. This trade represents a 19.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Avidity Biosciences Stock Down 2.4%

Avidity Biosciences stock opened at $31.37 on Friday. The business’s 50-day moving average price is $29.99 and its 200 day moving average price is $31.09. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of -10.89 and a beta of 0.95. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Equities analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds have recently modified their holdings of the company. TD Waterhouse Canada Inc. raised its stake in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after buying an additional 866 shares during the period. Van ECK Associates Corp acquired a new stake in Avidity Biosciences in the 4th quarter valued at $38,000. Parallel Advisors LLC increased its holdings in Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after acquiring an additional 515 shares in the last quarter. Headlands Technologies LLC acquired a new position in Avidity Biosciences during the fourth quarter worth $60,000. Finally, GF Fund Management CO. LTD. purchased a new position in Avidity Biosciences during the fourth quarter valued at $73,000.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price objective for the company. JPMorgan Chase & Co. raised their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Tuesday, June 10th. HC Wainwright dropped their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Citigroup upped their target price on Avidity Biosciences from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Fourteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and an average price target of $67.33.

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.