Insider Selling: Avidity Biosciences, Inc. (NASDAQ:RNA) Insider Sells 12,742 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 12,742 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $416,153.72. Following the completion of the sale, the insider now directly owns 72,647 shares of the company’s stock, valued at approximately $2,372,651.02. The trade was a 14.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

W. Michael Flanagan also recently made the following trade(s):

• On Wednesday, December 11th, W. Michael Flanagan sold 24,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $35.77, for a total transaction of $858,480.00.

Avidity Biosciences Stock Up 2.5 %

Shares of NASDAQ:RNA opened at $31.82 on Friday. The company has a market cap of $3.80 billion, a price-to-earnings ratio of -11.05 and a beta of 0.89. The business has a 50 day moving average price of $42.38 and a 200 day moving average price of $42.15. Avidity Biosciences, Inc. has a twelve month low of $8.49 and a twelve month high of $56.00.

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

Institutional Trading of Avidity Biosciences

A number of hedge funds have recently bought and sold shares of the stock. Lord Abbett & CO. LLC increased its holdings in shares of Avidity Biosciences by 30.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after purchasing an additional 124,867 shares during the period. Charles Schwab Investment Management Inc. grew its position in Avidity Biosciences by 24.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after buying an additional 197,065 shares in the last quarter. D. E. Shaw & Co. Inc. increased its stake in Avidity Biosciences by 2,263.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after acquiring an additional 707,773 shares during the period. RA Capital Management L.P. increased its stake in Avidity Biosciences by 16.7% during the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after acquiring an additional 900,000 shares during the period. Finally, Sofinnova Investments Inc. acquired a new position in Avidity Biosciences in the 2nd quarter valued at approximately $875,000.

Wall Street Analysts Forecast Growth

RNA has been the topic of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. HC Wainwright started coverage on shares of Avidity Biosciences in a research report on Friday. They set a “buy” rating and a $72.00 target price on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Barclays began coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target for the company. Finally, Evercore ISI cut their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $64.36.

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.