Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Director Sells $149,500.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $29.90, for a total value of $149,500.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $443,417. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Avidity Biosciences Price Performance

RNA opened at $27.47 on Friday. Avidity Biosciences, Inc. has a 52-week low of $4.82 and a 52-week high of $30.84. The stock’s 50 day moving average price is $25.54 and its 200-day moving average price is $16.11.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.81) by $0.02. The firm had revenue of $3.54 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 37.98% and a negative net margin of 2,103.78%. As a group, sell-side analysts predict that Avidity Biosciences, Inc. will post -3.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC grew its stake in Avidity Biosciences by 4.6% in the third quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company’s stock worth $70,910,000 after purchasing an additional 491,567 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Avidity Biosciences by 7.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock worth $189,592,000 after purchasing an additional 516,446 shares during the period. Avoro Capital Advisors LLC grew its stake in Avidity Biosciences by 132.1% in the first quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock worth $148,654,000 after purchasing an additional 3,315,000 shares during the period. Vanguard Group Inc. grew its stake in Avidity Biosciences by 1.2% in the third 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 during the period. Finally, RA Capital Management L.P. boosted its holdings in Avidity Biosciences by 33.7% in the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after acquiring an additional 827,647 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Bank of America assumed coverage on Avidity Biosciences in a research report on Friday, May 3rd. They issued a “buy” rating and a $40.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a research report on Friday, May 10th. Cantor Fitzgerald started coverage on Avidity Biosciences in a research report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price objective for the company. Finally, Chardan Capital reissued a “buy” rating and set a $33.00 target price on shares of Avidity Biosciences in a research note on Friday, May 10th. Six analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and an average price target of $41.33.

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.