Kathleen P. Gallagher Sells 5,875 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the sale, the insider now owns 50,554 shares in the company, valued at approximately $1,406,917.82. The trade was a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Avidity Biosciences Price Performance

RNA opened at $26.57 on Friday. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -9.23 and a beta of 1.02. Avidity Biosciences, Inc. has a 12 month low of $22.24 and a 12 month high of $56.00. The business has a 50-day moving average of $31.35 and a two-hundred day moving average of $36.74.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its stake in shares of Avidity Biosciences by 9.2% in the 4th quarter. California State Teachers Retirement System now owns 84,552 shares of the biotechnology company’s stock valued at $2,459,000 after purchasing an additional 7,148 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Avidity Biosciences during the fourth quarter worth approximately $4,722,000. GF Fund Management CO. LTD. acquired a new stake in shares of Avidity Biosciences in the fourth quarter worth $73,000. Neo Ivy Capital Management raised its stake in shares of Avidity Biosciences by 479.2% in the 4th quarter. Neo Ivy Capital Management now owns 96,120 shares of the biotechnology company’s stock valued at $2,795,000 after acquiring an additional 79,524 shares during the period. Finally, Castleark Management LLC raised its stake in shares of Avidity Biosciences by 23.7% in the 4th quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company’s stock valued at $2,054,000 after acquiring an additional 13,510 shares during the period.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RNA. Barclays decreased their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Bank of America reduced their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. BMO Capital Markets began coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen investment 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 a consensus price target of $66.69.

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.