Avidity Biosciences (NASDAQ:RNA) Insider Sells $171,474.02 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider John Moriarty sold 2,374 shares of the business’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $72.23, for a total value of $171,474.02. Following the sale, the insider owned 74,557 shares in the company, valued at $5,385,252.11. This represents a 3.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Avidity Biosciences Price Performance

NASDAQ:RNA remained flat at $72.37 during trading hours on Friday. The company had a trading volume of 1,122,166 shares, compared to its average volume of 2,547,569. The company has a market cap of $10.90 billion, a PE ratio of -17.31 and a beta of 0.95. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $72.61. The business’s 50 day moving average is $71.36 and its two-hundred day moving average is $52.43.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly 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). The business 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 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 EPS for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in RNA. AlphaQuest LLC raised its stake in shares of Avidity Biosciences by 123.0% during the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 331 shares during the period. CWM LLC increased its holdings in Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after buying an additional 605 shares during the last quarter. Westside Investment Management Inc. bought a new stake in Avidity Biosciences in the second quarter worth about $29,000. Allworth Financial LP boosted its stake in Avidity Biosciences by 22.8% in the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 159 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 1,099 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on RNA shares. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $72.00 price target (up previously from $61.00) on shares of Avidity Biosciences in a report on Tuesday, October 28th. Roth Capital cut Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 target price on the stock. in a report on Monday, October 27th. Evercore ISI set a $72.00 price target on shares of Avidity Biosciences in a research note on Thursday, December 18th. Raymond James Financial lowered shares of Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research note on Monday, October 27th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, October 8th. Eight analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $69.57.

About Avidity Biosciences

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.