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

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $29.90, for a total transaction of $149,500.00. Following the completion of the transaction, the director now directly owns 14,830 shares in the company, valued at approximately $443,417. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Avidity Biosciences Stock Up 0.4 %

RNA stock opened at $29.62 on Thursday. Avidity Biosciences, Inc. has a twelve month low of $4.82 and a twelve month high of $30.84. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -10.04 and a beta of 0.79. The firm’s fifty day simple moving average is $25.47 and its two-hundred day simple moving average is $16.03.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.02. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. The business had revenue of $3.54 million for the quarter, compared to analysts’ expectations of $7.09 million. As a group, equities research analysts expect that Avidity Biosciences, Inc. will post -3.1 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RNA. Chardan Capital reissued a “buy” rating and issued a $33.00 target price on shares of Avidity Biosciences in a report on Friday, May 10th. Bank of America began coverage on shares of Avidity Biosciences in a report on Friday, May 3rd. They issued a “buy” rating and a $40.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $35.00 target price on shares of Avidity Biosciences in a report on Friday, May 10th. Finally, Cantor Fitzgerald started coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They set an “overweight” rating and a $60.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $41.33.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. RA Capital Management L.P. grew its holdings in shares of Avidity Biosciences by 33.7% in the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after purchasing an additional 827,647 shares during the last quarter. California State Teachers Retirement System lifted its stake in Avidity Biosciences by 10.2% in the first quarter. California State Teachers Retirement System now owns 71,574 shares of the biotechnology company’s stock worth $1,827,000 after acquiring an additional 6,618 shares during the period. Janus Henderson Group PLC lifted its stake in Avidity Biosciences by 4,661.3% in the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after acquiring an additional 1,216,730 shares during the period. Bayesian Capital Management LP purchased a new stake in shares of Avidity Biosciences during the first quarter valued at about $949,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Avidity Biosciences by 7.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock valued at $189,592,000 after buying an additional 516,446 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.