Sarah Boyce Sells 32,880 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the sale, the chief executive officer now owns 234,663 shares of the company’s stock, valued at $10,325,172. The sale 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 Tuesday, August 6th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $43.35, for a total transaction of $1,213,800.00.
• On Tuesday, July 9th, Sarah Boyce sold 28,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $39.93, for a total transaction of $1,118,040.00.

Avidity Biosciences Stock Up 1.1 %

Shares of RNA stock opened at $44.00 on Wednesday. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $48.80. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of -14.92 and a beta of 0.89. The firm has a fifty day moving average of $43.71 and a 200-day moving average of $34.61.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.11. The company had revenue of $2.05 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. Research analysts expect that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on RNA. Chardan Capital upped their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 9th. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a report on Tuesday. They issued a “buy” rating and a $59.00 target price on the stock. Evercore ISI lowered their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, Barclays began coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $60.75.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNA. Quarry LP lifted its position in Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after buying an additional 1,700 shares in the last quarter. Creative Planning lifted its position in Avidity Biosciences by 45.1% during the 2nd quarter. Creative Planning now owns 13,487 shares of the biotechnology company’s stock worth $551,000 after buying an additional 4,190 shares in the last quarter. Algert Global LLC lifted its position in Avidity Biosciences by 32.5% during the 2nd quarter. Algert Global LLC now owns 42,563 shares of the biotechnology company’s stock worth $1,739,000 after buying an additional 10,443 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Avidity Biosciences by 18.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 272,762 shares of the biotechnology company’s stock valued at $11,142,000 after purchasing an additional 42,636 shares during the period. Finally, D. E. Shaw & Co. Inc. raised its holdings in shares of Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after purchasing an additional 707,773 shares during the period.

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.