Arthur A. Levin Sells 5,000 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $22.82, for a total transaction of $114,100.00. Following the completion of the transaction, the director now directly owns 14,830 shares in the company, valued at approximately $338,420.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Avidity Biosciences Trading Up 4.1 %

Shares of RNA stock opened at $25.14 on Wednesday. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of -8.67 and a beta of 0.77. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $27.66. The stock’s fifty day simple moving average is $21.51 and its 200-day simple moving average is $12.98.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Wednesday, February 28th. The biotechnology company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.25). The business had revenue of $2.19 million for the quarter, compared to analyst estimates of $32.08 million. Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. On average, sell-side analysts predict that Avidity Biosciences, Inc. will post -3.07 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on RNA shares. Cantor Fitzgerald began coverage on Avidity Biosciences in a report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 target price on shares of Avidity Biosciences in a research report on Thursday, April 11th. Chardan Capital reissued a “buy” rating and issued a $23.00 price target on shares of Avidity Biosciences in a research note on Thursday, February 29th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $50.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, January 3rd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $36.33.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its position in Avidity Biosciences by 4.6% during the third quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company’s stock valued at $70,910,000 after purchasing an additional 491,567 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Avidity Biosciences by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 4,014,490 shares of the biotechnology company’s stock valued at $25,612,000 after buying an additional 47,305 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in Avidity Biosciences by 73.3% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,300,000 shares of the biotechnology company’s stock worth $8,294,000 after buying an additional 550,000 shares during the last quarter. Alethea Capital Management LLC raised its position in Avidity Biosciences by 0.6% during the third quarter. Alethea Capital Management LLC now owns 854,651 shares of the biotechnology company’s stock valued at $5,453,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Avidity Biosciences by 6.0% during the fourth 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 in the last quarter.

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.