Insider Selling: Avidity Biosciences (NASDAQ:RNA) Insider Sells 2,929 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 2,929 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $212,206.05. Following the completion of the transaction, the insider owned 113,938 shares in the company, valued at approximately $8,254,808.10. This trade represents a 2.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Wednesday, January 7th, Teresa Mccarthy sold 1,965 shares of Avidity Biosciences stock. The stock was sold at an average price of $72.23, for a total transaction of $141,931.95.

Avidity Biosciences Trading Down 0.2%

Shares of NASDAQ:RNA traded down $0.14 during trading on Friday, reaching $72.60. 1,217,440 shares of the stock were exchanged, compared to its average volume of 1,842,906. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $72.74. The stock has a 50-day moving average price of $71.84 and a 200-day moving average price of $55.43. The firm has a market cap of $10.94 billion, a PE ratio of -17.37 and a beta of 0.95.

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

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the company. AlphaQuest LLC raised its position in Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the last quarter. CWM LLC increased its stake in shares of Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 605 shares during the period. Westside Investment Management Inc. acquired a new position in shares of Avidity Biosciences in the second quarter valued at approximately $29,000. Allworth Financial LP raised its holdings in Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 159 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after buying an additional 1,099 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Needham & Company LLC downgraded shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price target on the stock. in a research note on Monday, October 27th. Wolfe Research lowered shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Evercore ISI set a $72.00 price target on shares of Avidity Biosciences in a research report on Thursday, December 18th. Raymond James Financial downgraded Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 27th. Finally, Chardan Capital restated a “neutral” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $69.57.

About Avidity Biosciences

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.