Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells $114,100.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $22.82, for a total transaction of $114,100.00. Following the sale, the director now directly owns 14,830 shares in the company, valued at approximately $338,420.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $25.09 on Thursday. The company’s fifty day moving average price is $21.74 and its 200 day moving average price is $13.06. Avidity Biosciences, Inc. has a 1 year low of $4.82 and a 1 year high of $27.66. The stock has a market capitalization of $2.00 billion, a P/E ratio of -8.65 and a beta of 0.78.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.25). Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. The company had revenue of $2.19 million during the quarter, compared to analyst estimates of $32.08 million. Sell-side analysts predict that Avidity Biosciences, Inc. will post -3.07 EPS for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. boosted its position in Avidity Biosciences by 73.3% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,300,000 shares of the biotechnology company’s stock worth $8,294,000 after acquiring an additional 550,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in Avidity Biosciences by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 4,014,490 shares of the biotechnology company’s stock worth $25,612,000 after purchasing an additional 47,305 shares in the last quarter. FMR LLC grew its position in shares of Avidity Biosciences by 4.6% in the third quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company’s stock valued at $70,910,000 after purchasing an additional 491,567 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Avidity Biosciences by 301.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 166,019 shares of the biotechnology company’s stock valued at $1,502,000 after purchasing an additional 124,633 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its position in Avidity Biosciences by 149.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 86,611 shares of the biotechnology company’s stock worth $784,000 after buying an additional 51,839 shares in the last quarter.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RNA shares. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 price objective on shares of Avidity Biosciences in a research note on Thursday, April 11th. Cantor Fitzgerald started coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They set an “overweight” rating and a $60.00 price objective on the stock. Wells Fargo & Company reaffirmed an “overweight” rating and set a $50.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, January 3rd. Finally, Chardan Capital reaffirmed a “buy” rating and set a $23.00 price objective on shares of Avidity Biosciences in a research note on Thursday, February 29th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $36.33.

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.