Sarah Boyce Sells 10,397 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 10,397 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $297,250.23. Following the transaction, the chief executive officer now directly owns 337,411 shares in the company, valued at approximately $9,646,580.49. This represents a 2.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Wednesday, December 18th, Sarah Boyce sold 31,855 shares of Avidity Biosciences stock. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30.

Avidity Biosciences Price Performance

NASDAQ RNA traded up $0.05 during midday trading on Thursday, hitting $30.13. 1,145,046 shares of the company traded hands, compared to its average volume of 1,351,486. The company has a market cap of $3.59 billion, a PE ratio of -10.46 and a beta of 0.99. Avidity Biosciences, Inc. has a 52 week low of $10.12 and a 52 week high of $56.00. The company’s 50-day simple moving average is $34.38 and its 200-day simple moving average is $41.09.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.14. The company had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RNA. FMR LLC boosted its stake in Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after acquiring an additional 689,729 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Avidity Biosciences by 84.9% during the 3rd 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 during the last quarter. RA Capital Management L.P. boosted its position in shares of 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 purchasing an additional 900,000 shares in the last quarter. Janus Henderson Group PLC grew its stake in 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 worth $224,774,000 after buying an additional 1,239,323 shares during the last quarter. Finally, State Street Corp increased its position in Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after buying an additional 1,386,087 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RNA. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. HC Wainwright restated a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research note on Friday, January 10th. TD Cowen boosted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Chardan Capital reissued a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and an average target price of $65.80.

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.