Avidity Biosciences (NASDAQ:RNA) Insider W. Michael Flanagan Sells 6,534 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 6,534 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $473,388.30. Following the completion of the transaction, the insider directly owned 85,093 shares in the company, valued at approximately $6,164,987.85. This trade represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

W. Michael Flanagan also recently made the following trade(s):

• On Wednesday, January 7th, W. Michael Flanagan sold 2,373 shares of Avidity Biosciences stock. The stock was sold at an average price of $72.23, for a total transaction of $171,401.79.

Avidity Biosciences Stock Down 0.2%

NASDAQ:RNA opened at $72.60 on Friday. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $72.74. The company has a fifty day moving average of $71.88 and a 200-day moving average of $55.74. The firm has a market capitalization of $10.94 billion, a P/E ratio of -17.37 and a beta of 0.95.

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

Avidity Biosciences News Summary

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RNA. Allworth Financial LP raised its position in Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 159 shares during the last quarter. Fort Point Capital Partners LLC boosted its holdings in Avidity Biosciences by 0.6% during the 3rd 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 during the last quarter. GAMMA Investing LLC grew its stake in shares of Avidity Biosciences by 10.5% in the 4th 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% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during 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 valued at $2,563,000 after purchasing an additional 466 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Sanford C. Bernstein downgraded Avidity Biosciences from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $52.00 to $72.00 in a research note on Monday, October 27th. Wolfe Research lowered Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Evercore ISI set a $72.00 target price on Avidity Biosciences in a report on Thursday, December 18th. TD Cowen restated a “hold” rating on shares of Avidity Biosciences in a research note on Wednesday, November 12th. Finally, Loop Capital set a $72.00 price objective on shares of Avidity Biosciences in a report on Tuesday, October 28th. Eight equities 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 company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target 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.