Avidity Biosciences, Inc. (NASDAQ:RNA) Insider W. Michael Flanagan Sells 24,000 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 24,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total transaction of $858,480.00. Following the completion of the sale, the insider now owns 85,389 shares in the company, valued at approximately $3,054,364.53. The trade was a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $32.49 on Friday. The stock has a market capitalization of $3.88 billion, a PE ratio of -11.28 and a beta of 0.89. The business’s 50 day simple moving average is $43.72 and its 200 day simple moving average is $42.08. Avidity Biosciences, Inc. has a one year low of $7.79 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, research analysts expect that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. acquired a new position in Avidity Biosciences in the second quarter valued at approximately $2,000,000. Hennion & Walsh Asset Management Inc. lifted its position in shares of Avidity Biosciences by 8.6% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 79,213 shares of the biotechnology company’s stock valued at $3,236,000 after acquiring an additional 6,241 shares during the period. Nisa Investment Advisors LLC boosted its stake in Avidity Biosciences by 32.4% during the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after acquiring an additional 1,076 shares in the last quarter. Moss Adams Wealth Advisors LLC acquired a new stake in Avidity Biosciences in the second quarter worth $1,561,000. Finally, EFG Asset Management North America Corp. bought a new stake in Avidity Biosciences in the second quarter valued at $1,227,000.

Wall Street Analysts Forecast Growth

RNA has been the topic of a number of research analyst reports. Royal Bank of Canada began coverage on shares of Avidity Biosciences in a research report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 target price on the stock. TD Cowen boosted their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $63.60.

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.