Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin Sells 5,000 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $22.82, for a total value of $114,100.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at $338,420.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $25.14 on Wednesday. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $27.66. The company has a market cap of $2.00 billion, a PE ratio of -8.67 and a beta of 0.77. The stock’s fifty day moving average price is $21.51 and its two-hundred day moving average price is $12.98.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.25). The business had revenue of $2.19 million during the quarter, compared to the consensus estimate of $32.08 million. Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. On average, equities analysts predict that Avidity Biosciences, Inc. will post -3.07 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wells Fargo & Company restated an “overweight” rating and issued a $50.00 price target on shares of Avidity Biosciences in a research note on Wednesday, January 3rd. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a report on Thursday, April 11th. Chardan Capital reaffirmed a “buy” rating and set a $23.00 target price on shares of Avidity Biosciences in a report on Thursday, February 29th. Finally, Cantor Fitzgerald started coverage on Avidity Biosciences in a research note on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price target for the company. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $36.33.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNA. Adage Capital Partners GP L.L.C. raised its position in Avidity Biosciences by 73.3% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,300,000 shares of the biotechnology company’s stock valued at $8,294,000 after purchasing an additional 550,000 shares during the last quarter. FMR LLC raised its holdings in Avidity Biosciences by 4.6% in the 3rd quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company’s stock valued at $70,910,000 after buying an additional 491,567 shares during the last quarter. GSA Capital Partners LLP boosted its position in Avidity Biosciences by 491.7% during the 3rd quarter. GSA Capital Partners LLP now owns 339,679 shares of the biotechnology company’s stock worth $2,167,000 after buying an additional 282,270 shares during the period. Raymond James & Associates grew its holdings in Avidity Biosciences by 127.6% during the 1st quarter. Raymond James & Associates now owns 295,718 shares of the biotechnology company’s stock worth $7,547,000 after acquiring an additional 165,797 shares during the last quarter. Finally, TD Asset Management Inc increased its position in Avidity Biosciences by 100.0% in the 3rd quarter. TD Asset Management Inc now owns 267,732 shares of the biotechnology company’s stock valued at $1,708,000 after acquiring an additional 133,866 shares during the period.

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.