Michael F. Maclean Sells 104,245 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNAGet Free Report) CFO Michael F. Maclean sold 104,245 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $35.72, for a total value of $3,723,631.40. Following the completion of the sale, the chief financial officer now owns 44,093 shares of the company’s stock, valued at approximately $1,575,001.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock opened at $39.64 on Monday. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of -13.44 and a beta of 0.81. The stock’s 50-day moving average is $27.05 and its 200-day moving average is $18.81. Avidity Biosciences, Inc. has a one year low of $4.82 and a one year high of $42.00.

Avidity Biosciences (NASDAQ:RNAGet Free Report) last released its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) EPS for the quarter, beating the consensus estimate of ($0.81) by $0.02. The firm had revenue of $3.54 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 37.98% and a negative net margin of 2,103.78%. On average, equities analysts expect that Avidity Biosciences, Inc. will post -3.1 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RNA shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price target on shares of Avidity Biosciences in a research note on Monday, June 10th. Cantor Fitzgerald began coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They issued an “overweight” rating and a $60.00 target price for the company. Evercore ISI increased their target price on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, June 12th. Chardan Capital boosted their price target on shares of Avidity Biosciences from $33.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, June 12th. Finally, Bank of America raised their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $44.29.

Read Our Latest Stock Report on RNA

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RNA. Nisa Investment Advisors LLC increased its stake in Avidity Biosciences by 15,900.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 3,180 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after acquiring an additional 2,714 shares in the last quarter. Aigen Investment Management LP acquired a new position in Avidity Biosciences during the third quarter valued at approximately $71,000. China Universal Asset Management Co. Ltd. boosted its position in Avidity Biosciences by 352.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock valued at $78,000 after purchasing an additional 6,675 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in Avidity Biosciences by 43.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock valued at $95,000 after purchasing an additional 3,182 shares in the last quarter.

About Avidity Biosciences

(Get Free Report)

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.

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