Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce Sells 10,397 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 10,397 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $297,250.23. Following the completion of the sale, the chief executive officer now owns 337,411 shares of the company’s stock, valued at $9,646,580.49. This trade represents a 2.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Sarah Boyce also recently made the following trade(s):

• On Wednesday, December 18th, Sarah Boyce sold 31,855 shares of Avidity Biosciences stock. The shares were sold at an average price of $32.66, for a total transaction of $1,040,384.30.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $30.13 on Friday. The company’s fifty day moving average is $34.38 and its two-hundred day moving average is $41.09. Avidity Biosciences, Inc. has a 52-week low of $10.12 and a 52-week high of $56.00.

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

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RNA. FMR LLC grew its position in Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after acquiring an additional 689,729 shares during the period. Wellington Management Group LLP increased its position in shares of Avidity Biosciences by 84.9% during the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after purchasing an additional 3,228,923 shares in the last quarter. RA Capital Management L.P. increased its position in shares of Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Janus Henderson Group PLC boosted its position in Avidity Biosciences by 33.9% in the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after buying an additional 1,239,323 shares in the last quarter. Finally, State Street Corp grew its stake in Avidity Biosciences by 41.7% during the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock worth $216,151,000 after buying an additional 1,386,087 shares during the last quarter.

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.