Sarah Boyce Sells 28,000 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 28,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total value of $715,120.00. Following the transaction, the chief executive officer now owns 112,117 shares in the company, valued at approximately $2,863,468.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Sarah Boyce also recently made the following trade(s):

• On Tuesday, March 12th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $22.63, for a total value of $633,640.00.
• On Friday, March 8th, Sarah Boyce sold 84,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $21.39, for a total transaction of $1,796,760.00.

Avidity Biosciences Trading Up 2.6 %

Shares of NASDAQ RNA opened at $26.06 on Thursday. The stock has a market cap of $2.49 billion, a PE ratio of -8.99 and a beta of 0.79. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $27.66. The company has a 50-day moving average of $23.70 and a 200 day moving average of $14.32.

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on RNA. Bank of America assumed coverage on shares of Avidity Biosciences in a report on Friday, May 3rd. They set a “buy” rating and a $40.00 price objective on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $23.00 price target on shares of Avidity Biosciences in a research note on Thursday, February 29th. Cantor Fitzgerald started coverage on Avidity Biosciences in a research note on Thursday, March 14th. They set an “overweight” rating and a $60.00 price objective for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $35.00 target price on shares of Avidity Biosciences in a research report on Thursday, April 11th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $36.86.

Institutional Trading of Avidity Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. ProShare Advisors LLC increased its holdings in shares of Avidity Biosciences by 11.2% during the 1st quarter. ProShare Advisors LLC now owns 18,878 shares of the biotechnology company’s stock worth $482,000 after buying an additional 1,898 shares during the last quarter. Sei Investments Co. grew its position in Avidity Biosciences by 15.4% in the first quarter. Sei Investments Co. now owns 36,635 shares of the biotechnology company’s stock worth $935,000 after acquiring an additional 4,881 shares during the period. Concurrent Investment Advisors LLC acquired a new stake in Avidity Biosciences during the first quarter worth $664,000. Swiss National Bank raised its position in Avidity Biosciences by 20.5% in the first quarter. Swiss National Bank now owns 140,800 shares of the biotechnology company’s stock valued at $3,593,000 after purchasing an additional 24,000 shares during the period. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Avidity Biosciences in the 1st quarter valued at $221,000.

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.