Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Teresa Mccarthy Sells 25,000 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at $3,867,900.52. This represents a 21.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Teresa Mccarthy also recently made the following trade(s):

• On Wednesday, October 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00.
• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The stock was sold at an average price of $44.00, for a total value of $578,732.00.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $43.25 on Friday. The stock has a market cap of $5.16 billion, a price-to-earnings ratio of -15.02 and a beta of 0.91. Avidity Biosciences, Inc. has a one year low of $5.97 and a one year high of $56.00. The business’s 50-day simple moving average is $45.44 and its 200 day simple moving average is $40.80.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. The company had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, equities research analysts predict that Avidity Biosciences, Inc. will post -2.84 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RNA. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences during the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC bought a new position in shares of Avidity Biosciences during the third quarter valued at approximately $30,000. Values First Advisors Inc. acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $32,000. Quarry LP lifted its holdings in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC boosted its position in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares during the period.

Analysts Set New Price Targets

RNA has been the subject of a number of research analyst reports. Barclays assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price for the company. Chardan Capital restated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, Evercore ISI lowered their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and an average price target of $63.22.

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.