Avidity Biosciences (NASDAQ:RNA) Insider Teresa Mccarthy Sells 2,929 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 2,929 shares of Avidity Biosciences stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $212,206.05. Following the sale, the insider directly owned 113,938 shares in the company, valued at approximately $8,254,808.10. This trade represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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 value of $141,931.95.

Avidity Biosciences Stock Performance

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

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

Analyst Ratings Changes

A number of analysts have recently weighed in on RNA shares. Leerink Partners lowered Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Sanford C. Bernstein downgraded Avidity Biosciences from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $52.00 to $72.00 in a report on Monday, October 27th. Loop Capital set a $72.00 target price on Avidity Biosciences in a research note on Tuesday, October 28th. Chardan Capital restated a “neutral” rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Finally, 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 report on Monday, October 27th. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $69.57.

Institutional Trading of Avidity Biosciences

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Avidity Biosciences by 42.9% during the 3rd quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock worth $575,985,000 after acquiring an additional 3,971,457 shares during the last quarter. Bellevue Group AG acquired a new stake in Avidity Biosciences during the 3rd quarter valued at $93,800,000. RA Capital Management L.P. boosted its position in Avidity Biosciences by 18.9% during the third quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock worth $376,490,000 after purchasing an additional 1,375,000 shares during the period. Polar Capital Holdings Plc increased its holdings in shares of Avidity Biosciences by 58.0% in the third quarter. Polar Capital Holdings Plc now owns 2,796,760 shares of the biotechnology company’s stock valued at $121,855,000 after purchasing an additional 1,026,373 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Avidity Biosciences in the second quarter valued at $28,261,000.

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.