Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin Sells 5,000 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $22.82, for a total transaction of $114,100.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at $338,420.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Avidity Biosciences Stock Down 0.2 %

Shares of RNA opened at $25.09 on Thursday. The firm has a market cap of $2.00 billion, a PE ratio of -8.65 and a beta of 0.78. The company’s fifty day moving average is $21.74 and its two-hundred day moving average is $13.06. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $27.66.

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

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in RNA. Nisa Investment Advisors LLC lifted its holdings in shares of Avidity Biosciences by 15,900.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 3,180 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Avidity Biosciences by 456.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after acquiring an additional 2,714 shares in the last quarter. Aigen Investment Management LP acquired a new position in shares of Avidity Biosciences during the 3rd quarter valued at $71,000. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Avidity Biosciences by 352.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock valued at $78,000 after acquiring an additional 6,675 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Avidity Biosciences by 43.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock valued at $95,000 after acquiring an additional 3,182 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wells Fargo & Company reiterated an “overweight” rating and issued a $50.00 price target on shares of Avidity Biosciences in a research report on Wednesday, January 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 price target on shares of Avidity Biosciences in a research report on Thursday, April 11th. Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a research report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price target on the stock. Finally, Chardan Capital reiterated a “buy” rating and issued a $23.00 price target on shares of Avidity Biosciences in a research report on Thursday, February 29th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and an average target price of $36.33.

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.