Teresa Mccarthy Sells 1,965 Shares of Avidity Biosciences (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 1,965 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $72.23, for a total transaction of $141,931.95. Following the transaction, the insider owned 116,867 shares in the company, valued at approximately $8,441,303.41. This trade represents a 1.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Wednesday, October 15th, Teresa Mccarthy sold 20,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $50.15, for a total transaction of $1,003,000.00.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA remained flat at $72.37 during midday trading on Friday. The stock had a trading volume of 1,122,166 shares, compared to its average volume of 2,547,569. The stock has a market capitalization of $10.90 billion, a price-to-earnings ratio of -17.31 and a beta of 0.95. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $72.61. The stock has a 50 day moving average price of $71.36 and a 200-day moving average price of $52.43.

Avidity Biosciences (NASDAQ:RNA) last posted 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). Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The firm had revenue of $12.48 million during the quarter, compared to the consensus estimate of $1.80 million. Avidity Biosciences’s revenue for the quarter was up 420.8% compared to the same quarter last year. On average, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Allworth Financial LP lifted its position in shares of Avidity Biosciences by 22.8% in the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after buying an additional 159 shares in the last quarter. Fort Point Capital Partners LLC raised its holdings in shares of Avidity Biosciences by 0.6% during the 3rd quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company’s stock worth $1,363,000 after acquiring an additional 183 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Avidity Biosciences by 10.5% during the 4th quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock valued at $178,000 after acquiring an additional 234 shares during the last quarter. AlphaQuest LLC raised its stake in Avidity Biosciences by 123.0% during 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 in the last quarter. Finally, California State Teachers Retirement System lifted its position in Avidity Biosciences by 0.5% during the second quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock valued at $2,563,000 after purchasing an additional 466 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on RNA shares. Cowen reaffirmed a “hold” rating on shares of Avidity Biosciences in a research report on Wednesday, November 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, October 8th. TD Cowen cut shares of Avidity Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the company from $78.00 to $74.00 in a research note on Wednesday, October 29th. Raymond James Financial downgraded shares of Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 27th. Finally, Sanford C. Bernstein cut Avidity Biosciences from an “outperform” rating to a “market perform” rating and raised their price target for the company from $52.00 to $72.00 in a report on Monday, October 27th. Eight research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $69.57.

Avidity Biosciences Company Profile

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.