Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin Sells 3,323 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin sold 3,323 shares of Avidity Biosciences stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total value of $139,964.76. Following the sale, the director now directly owns 14,830 shares of the company’s stock, valued at $624,639.60. This represents a 18.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Avidity Biosciences Trading Up 0.9 %

Shares of NASDAQ:RNA opened at $43.65 on Thursday. The firm has a fifty day moving average of $45.39 and a 200 day moving average of $40.67. Avidity Biosciences, Inc. has a 52-week low of $5.68 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. The business had revenue of $2.34 million during the quarter, compared to analyst estimates 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, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

Large investors have recently added to or reduced their stakes in the business. FMR LLC grew its stake in shares of Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after buying an additional 689,729 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Avidity Biosciences by 7.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock worth $189,592,000 after acquiring an additional 516,446 shares during the last quarter. Wellington Management Group LLP lifted its position in Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after purchasing an additional 3,228,923 shares during the last quarter. Avoro Capital Advisors LLC lifted its position in Avidity Biosciences by 11.7% in the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after purchasing an additional 680,000 shares during the last quarter. Finally, RA Capital Management L.P. boosted its stake in shares of Avidity Biosciences by 16.7% during the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after purchasing an additional 900,000 shares during the period.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Evercore ISI dropped their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. TD Cowen increased their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Barclays started coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price on the stock. Chardan Capital restated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group started coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences has a consensus rating of “Buy” and a consensus price target of $63.22.

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.