Avidity Biosciences (NASDAQ:RNA) Director Arthur Levin Sells 1,758 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur Levin sold 1,758 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $127,367.10. Following the completion of the transaction, the director owned 16,562 shares in the company, valued at approximately $1,199,916.90. This represents a 9.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Avidity Biosciences Trading Down 0.2%

Shares of NASDAQ:RNA opened at $72.60 on Friday. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $72.74. The stock has a market capitalization of $10.94 billion, a P/E ratio of -17.37 and a beta of 0.95. The business has a 50-day moving average price of $71.88 and a two-hundred day moving average price of $55.74.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $12.48 million during the quarter, compared to the consensus estimate of $1.80 million. The firm’s revenue was up 420.8% on a year-over-year basis. As a group, equities analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on RNA shares. Citigroup cut shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a research report on Monday, October 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday. HC Wainwright lowered Avidity Biosciences from a “buy” rating to a “neutral” rating and cut their target price for the company from $87.00 to $72.00 in a research note on Monday, October 27th. Evercore ISI set a $72.00 target price on Avidity Biosciences in a report on Thursday, December 18th. Finally, Sanford C. Bernstein lowered Avidity Biosciences from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $52.00 to $72.00 in a research report on Monday, October 27th. Eight research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $69.57.

Institutional Trading of Avidity Biosciences

A number of large investors have recently bought and sold shares of the business. Allworth Financial LP raised its holdings 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 buying an additional 159 shares during the period. Fort Point Capital Partners LLC increased its position in shares of Avidity Biosciences by 0.6% during the third 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 increased its position in shares of 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 acquiring an additional 234 shares in the last quarter. AlphaQuest LLC raised its holdings 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 acquiring an additional 331 shares during the period. Finally, California State Teachers Retirement System lifted its position in Avidity Biosciences by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock valued at $2,563,000 after acquiring an additional 466 shares in the last quarter.

Key Avidity Biosciences News

Here are the key news stories impacting Avidity Biosciences this week:

• Negative Sentiment: CEO Sarah Boyce sold 14,387 shares for ~$1.04M (a 5.08% reduction in her holding). CEO Form 4
• Negative Sentiment: CFO Michael F. Maclean sold 4,542 shares for ~$329k (a 7.12% reduction). CFO Form 4
• Negative Sentiment: Insider W. Michael Flanagan sold 6,534 shares for ~$473k (a 7.13% reduction). Insider Form 4
• Negative Sentiment: Insider Steven George Hughes sold 4,895 shares for ~$355k (a 13.41% reduction). Insider Form 4
• Negative Sentiment: Insider Teresa McCarthy sold 2,929 shares for ~$212k (a 2.51% reduction). Insider Form 4
• Negative Sentiment: Director Arthur A. Levin sold 1,758 shares for ~$127k (a 9.60% reduction). Director Form 4

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.