Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sells $715,120.00 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $25.54, for a total transaction of $715,120.00. Following the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at approximately $2,863,468.18. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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 transaction 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 Price Performance

Shares of NASDAQ:RNA traded down $0.94 on Tuesday, reaching $25.39. The company’s stock had a trading volume of 682,046 shares, compared to its average volume of 1,134,431. Avidity Biosciences, Inc. has a 52-week low of $4.82 and a 52-week high of $27.66. The stock’s 50-day moving average is $23.50 and its two-hundred day moving average is $14.18. The stock has a market capitalization of $2.43 billion, a P/E ratio of -8.93 and a beta of 0.79.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.25). The company 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%. Equities analysts forecast that Avidity Biosciences, Inc. will post -3.07 earnings per share for the current fiscal year.

Analyst Ratings Changes

RNA has been the subject of several recent analyst reports. Chardan Capital reissued a “buy” rating and set a $23.00 target price on shares of Avidity Biosciences in a research note on Thursday, February 29th. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 target price on shares of Avidity Biosciences in a report on Thursday, April 11th. Cantor Fitzgerald assumed coverage on Avidity Biosciences in a research note on Thursday, March 14th. They set an “overweight” rating and a $60.00 price target on the stock. Finally, Bank of America started coverage on shares of Avidity Biosciences in a research note on Friday. They set a “buy” rating and a $40.00 target price on the stock. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus target price of $36.86.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of RNA. Adage Capital Partners GP L.L.C. boosted its position in shares of Avidity Biosciences by 73.3% during the 3rd 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 purchasing an additional 550,000 shares in the last quarter. FMR LLC increased its position in shares of Avidity Biosciences by 4.6% in the third quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company’s stock valued at $70,910,000 after buying an additional 491,567 shares in the last quarter. GSA Capital Partners LLP raised its position in Avidity Biosciences by 491.7% during the third quarter. GSA Capital Partners LLP now owns 339,679 shares of the biotechnology company’s stock worth $2,167,000 after acquiring an additional 282,270 shares during the last quarter. Raymond James & Associates raised its position in shares of Avidity Biosciences by 127.6% during the 1st quarter. Raymond James & Associates now owns 295,718 shares of the biotechnology company’s stock worth $7,547,000 after purchasing an additional 165,797 shares during the last quarter. Finally, TD Asset Management Inc increased its holdings in Avidity Biosciences by 100.0% during the 3rd quarter. TD Asset Management Inc now owns 267,732 shares of the biotechnology company’s stock worth $1,708,000 after purchasing an additional 133,866 shares during 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.