Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean Sells 3,287 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael F. Maclean sold 3,287 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $93,975.33. Following the completion of the sale, the chief financial officer now directly owns 104,655 shares in the company, valued at $2,992,086.45. This represents a 3.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Avidity Biosciences Price Performance

Avidity Biosciences stock traded up $0.05 during midday trading on Thursday, hitting $30.13. 1,145,046 shares of the company were exchanged, 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 fifty-two week low of $10.12 and a fifty-two week high of $56.00. The company’s fifty day moving average price is $34.38 and its 200-day moving average price is $41.09.

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

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the third quarter worth approximately $27,000. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences during the 3rd quarter valued at $30,000. Values First Advisors Inc. acquired a new position in Avidity Biosciences during the 3rd quarter worth $32,000. Quarry LP increased its position in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC grew its stake in Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after purchasing an additional 1,392 shares in the last quarter.

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.