W. Michael Flanagan Sells 12,742 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 12,742 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $416,153.72. Following the completion of the sale, the insider now owns 72,647 shares of the company’s stock, valued at approximately $2,372,651.02. This represents a 14.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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 Performance

RNA stock traded up $0.35 during midday trading on Thursday, reaching $31.05. 1,949,315 shares of the company’s stock traded hands, compared to its average volume of 1,310,250. The firm has a market capitalization of $3.70 billion, a PE ratio of -10.78 and a beta of 0.89. The company has a 50-day moving average price of $42.93 and a two-hundred day moving average price of $42.19. Avidity Biosciences, Inc. has a 52 week low of $8.37 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million for 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%. As a group, analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of RNA. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences in the third quarter worth $27,000. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences in the 3rd quarter worth about $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences in the 3rd quarter worth about $32,000. Quarry LP raised its holdings in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC boosted its position in shares of Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after acquiring an additional 1,392 shares during the last quarter.

Analyst Ratings Changes

Several research firms have recently issued reports on RNA. Evercore ISI reduced their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. Royal Bank of Canada initiated coverage on Avidity Biosciences in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective on the stock. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $63.60.

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.