Avidity Biosciences (NASDAQ:RNA) CFO Sells $329,067.90 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael Maclean sold 4,542 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $329,067.90. Following the completion of the sale, the chief financial officer owned 59,290 shares of the company’s stock, valued at $4,295,560.50. This trade represents a 7.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Avidity Biosciences Price Performance

RNA traded down $0.14 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 stock has a market cap of $10.94 billion, a PE ratio of -17.37 and a beta of 0.95. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $72.74. The stock’s fifty day moving average price is $71.84 and its 200-day moving average price is $55.43.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results 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 for the quarter, compared to analyst estimates of $1.80 million. Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The business’s quarterly revenue was up 420.8% on a year-over-year basis. As a group, research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently modified their holdings of the company. Allworth Financial LP lifted its stake in Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 159 shares in the last quarter. Fort Point Capital Partners LLC grew its position in Avidity Biosciences by 0.6% in the 3rd quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company’s stock valued at $1,363,000 after acquiring an additional 183 shares in the last quarter. GAMMA Investing LLC increased its stake in Avidity Biosciences by 10.5% during the fourth quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock worth $178,000 after purchasing an additional 234 shares during the period. AlphaQuest LLC lifted its position in shares of Avidity Biosciences by 123.0% during the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 331 shares in the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of 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 worth $2,563,000 after purchasing an additional 466 shares in the last quarter.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Needham & Company LLC cut Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 target price for the company. in a report on Monday, October 27th. Wolfe Research cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Chardan Capital restated a “neutral” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Loop Capital set a $72.00 target price on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Finally, Leerink Partners lowered shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently 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.