Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Sells $2,121,000.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $28.28, for a total value of $2,121,000.00. Following the transaction, the chief financial officer now directly owns 44,093 shares in the company, valued at approximately $1,246,950.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Avidity Biosciences Price Performance

Shares of RNA stock traded down $0.79 on Thursday, hitting $28.72. 1,074,984 shares of the company’s stock were exchanged, compared to its average volume of 1,140,728. Avidity Biosciences, Inc. has a 12 month low of $4.82 and a 12 month high of $30.54. The company has a 50 day moving average of $24.73 and a 200 day moving average of $15.19. The stock has a market cap of $2.75 billion, a P/E ratio of -9.73 and a beta of 0.79.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.02. The business had revenue of $3.54 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 37.98% and a negative net margin of 2,103.78%. Sell-side analysts predict that Avidity Biosciences, Inc. will post -3.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC boosted its position in Avidity Biosciences by 15,900.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 3,180 shares during the last quarter. Quadrant Capital Group LLC increased its stake in shares of Avidity Biosciences by 456.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after purchasing an additional 2,714 shares during the last quarter. Aigen Investment Management LP purchased a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $71,000. China Universal Asset Management Co. Ltd. increased its stake in shares of Avidity Biosciences by 352.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock worth $78,000 after purchasing an additional 6,675 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of Avidity Biosciences by 43.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock worth $95,000 after purchasing an additional 3,182 shares during the last quarter.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $35.00 price objective on shares of Avidity Biosciences in a research report on Friday, May 10th. Bank of America began coverage on shares of Avidity Biosciences in a report on Friday, May 3rd. They issued a “buy” rating and a $40.00 price objective for the company. Chardan Capital reaffirmed a “buy” rating and set a $33.00 target price on shares of Avidity Biosciences in a report on Friday, May 10th. Finally, Cantor Fitzgerald initiated coverage on Avidity Biosciences in a research note on Thursday, March 14th. They set an “overweight” rating and a $60.00 price objective on the stock. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and a consensus target price of $38.29.

About Avidity Biosciences

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.