Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $979,632.40 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $979,632.40. Following the transaction, the chief executive officer now owns 305,871 shares of the company’s stock, valued at $9,500,353.26. The trade was a 9.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

• On Tuesday, January 21st, Sarah Boyce sold 10,397 shares of Avidity Biosciences stock. The stock was sold at an average price of $28.59, for a total transaction of $297,250.23.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $30.84 on Monday. Avidity Biosciences, Inc. has a 1 year low of $21.56 and a 1 year high of $56.00. The firm has a fifty day moving average price of $31.11 and a 200-day moving average price of $37.44. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on RNA shares. BMO Capital Markets started coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Citigroup started coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price objective for the company. Scotiabank started coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price objective for the company. Finally, Barclays decreased their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $66.69.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds have recently modified their holdings of the business. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences during the 3rd quarter valued at $27,000. TD Waterhouse Canada Inc. lifted its stake in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 866 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences during the 4th quarter valued at $38,000. Quest Partners LLC lifted its stake in shares of 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 buying an additional 1,392 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Avidity Biosciences during the 4th quarter valued at $60,000.

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.