Michael F. Maclean Sells 11,510 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 11,510 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $506,440.00. Following the transaction, the chief financial officer now owns 96,355 shares of the company’s stock, valued at approximately $4,239,620. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Avidity Biosciences Price Performance

RNA stock opened at $44.00 on Wednesday. The company has a 50 day moving average price of $43.71 and a 200 day moving average price of $34.61. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $48.80. The stock has a market capitalization of $4.21 billion, a PE ratio of -14.92 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.11. The firm had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. As a group, equities analysts expect that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its stake in shares of Avidity Biosciences by 6.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 545,771 shares of the biotechnology company’s stock valued at $4,939,000 after acquiring an additional 30,674 shares during the last quarter. Quadrant Capital Group LLC increased its stake in Avidity Biosciences by 456.9% in the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares in the last quarter. Quest Partners LLC acquired a new stake in Avidity Biosciences in the fourth quarter worth $211,000. Steward Partners Investment Advisory LLC boosted its position in shares of Avidity Biosciences by 202.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 59,000 shares of the biotechnology company’s stock worth $534,000 after purchasing an additional 39,500 shares in the last quarter. Finally, Lighthouse Investment Partners LLC acquired a new position in shares of Avidity Biosciences in the 4th quarter valued at $592,000.

Analyst Upgrades and Downgrades

RNA has been the topic of several recent analyst reports. Evercore ISI reduced their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research report on Tuesday. They issued a “buy” rating and a $59.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Bank of America boosted their target price on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Chardan Capital raised their price target on Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 9th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $60.75.

Avidity Biosciences Company Profile

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.