Avidity Biosciences (NASDAQ:RNA) CEO Sells $1,042,338.15 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 14,387 shares of the business’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $1,042,338.15. Following the completion of the sale, the chief executive officer directly owned 269,007 shares in the company, valued at approximately $19,489,557.15. This represents a 5.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Sarah Boyce also recently made the following trade(s):

• On Wednesday, January 7th, Sarah Boyce sold 8,576 shares of Avidity Biosciences stock. The stock was sold at an average price of $72.23, for a total transaction of $619,444.48.

Avidity Biosciences Stock Performance

Avidity Biosciences stock traded down $0.14 during mid-day trading on Friday, reaching $72.60. The company’s stock had a trading volume of 1,217,440 shares, compared to its average volume of 1,842,906. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $72.74. The business’s 50 day simple moving average is $71.84 and its 200 day simple moving average is $55.43. The company has a market capitalization of $10.94 billion, a price-to-earnings ratio of -17.37 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Monday, November 10th. The biotechnology company reported ($1.27) EPS 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 business’s revenue for the quarter was up 420.8% on a year-over-year basis. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors have recently made changes to their positions in the company. Allworth Financial LP grew 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 valued at $37,000 after purchasing an additional 159 shares during the last quarter. Fort Point Capital Partners LLC boosted its stake 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 purchasing an additional 183 shares during the period. GAMMA Investing LLC grew its holdings in Avidity Biosciences by 10.5% in the 4th quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock valued at $178,000 after buying an additional 234 shares in the last quarter. AlphaQuest LLC grew its holdings in Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 331 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in Avidity Biosciences by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock worth $2,563,000 after buying an additional 466 shares during the period.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday. Leerink Partners downgraded shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Wall Street Zen raised shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. 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 research note on Tuesday, October 28th. Finally, Needham & Company LLC lowered shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price objective on the stock. in a research note on Monday, October 27th. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price 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.