Teresa Mccarthy Sells 25,000 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the completion of the transaction, the insider now owns 94,018 shares in the company, valued at approximately $3,867,900.52. This represents a 21.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Teresa Mccarthy also recently made the following trade(s):

• On Wednesday, October 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00.
• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The stock was sold at an average price of $44.00, for a total value of $578,732.00.

Avidity Biosciences Trading Up 0.9 %

Shares of NASDAQ:RNA traded up $0.40 during trading on Wednesday, hitting $43.65. 675,384 shares of the company’s stock were exchanged, compared to its average volume of 1,315,814. The firm has a 50-day moving average price of $45.32 and a two-hundred day moving average price of $40.65. The firm has a market cap of $5.21 billion, a P/E ratio of -14.93 and a beta of 0.91. Avidity Biosciences, Inc. has a 1-year low of $5.68 and a 1-year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. As a group, research analysts predict that Avidity Biosciences, Inc. will post -2.9 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on RNA shares. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Chardan Capital reiterated a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Evercore ISI decreased their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, Barclays started coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus price target of $63.22.

Institutional Trading of Avidity Biosciences

A number of large investors have recently made changes to their positions in RNA. Avoro Capital Advisors LLC lifted its holdings in Avidity Biosciences by 132.1% during the first quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock worth $148,654,000 after acquiring an additional 3,315,000 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after purchasing an additional 3,228,923 shares during the period. State Street Corp lifted its holdings in shares of Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after purchasing an additional 1,386,087 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Avidity Biosciences by 33.9% in the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after purchasing an additional 1,239,323 shares during the period. Finally, RA Capital Management L.P. increased its stake in Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after purchasing an additional 900,000 shares in 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.