Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells $416,153.72 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 12,742 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the completion of the sale, the insider now directly owns 72,647 shares of the company’s stock, valued at $2,372,651.02. The trade was a 14.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• On Wednesday, December 11th, W. Michael Flanagan sold 24,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $35.77, for a total transaction of $858,480.00.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $31.82 on Friday. Avidity Biosciences, Inc. has a 52 week low of $8.49 and a 52 week high of $56.00. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of -11.05 and a beta of 0.89. The company has a 50 day moving average price of $42.38 and a 200 day moving average price of $42.15.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. The business had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of RNA. FMR LLC lifted its position in shares of Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after purchasing an additional 689,729 shares in the last quarter. Wellington Management Group LLP grew its position in Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after purchasing an additional 3,228,923 shares in the last quarter. Avoro Capital Advisors LLC increased its stake in Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after buying an additional 680,000 shares during the period. RA Capital Management L.P. lifted its position in Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after buying an additional 900,000 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Avidity Biosciences by 33.9% during the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after buying an additional 1,239,323 shares during the period.

Analyst Ratings Changes

A number of research firms recently commented on RNA. TD Cowen raised their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Evercore ISI decreased their price target 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. HC Wainwright assumed coverage on shares of Avidity Biosciences in a research note on Friday. They set a “buy” rating and a $72.00 target price for the company. Finally, Royal Bank of Canada initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price target on the stock. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $64.36.

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.