Avidity Biosciences (NASDAQ:RNA) Insider Sells $354,642.75 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Steven George Hughes sold 4,895 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $354,642.75. Following the completion of the sale, the insider owned 31,599 shares in the company, valued at $2,289,347.55. This represents a 13.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Steven George Hughes also recently made the following trade(s):

• On Wednesday, January 7th, Steven George Hughes sold 2,373 shares of Avidity Biosciences stock. The stock was sold at an average price of $72.23, for a total value of $171,401.79.

Avidity Biosciences Stock Performance

NASDAQ RNA traded down $0.14 on Friday, hitting $72.60. The stock had a trading volume of 1,217,440 shares, compared to its average volume of 1,842,906. The company has a market capitalization of $10.94 billion, a price-to-earnings ratio of -17.37 and a beta of 0.95. The firm has a 50-day moving average of $71.84 and a 200-day moving average of $55.43. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $72.74.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The firm had revenue of $12.48 million during the quarter, compared to the consensus estimate of $1.80 million. The business’s revenue for the quarter was up 420.8% on a year-over-year basis. As a group, research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Avidity Biosciences by 42.9% during the third quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock worth $575,985,000 after acquiring an additional 3,971,457 shares during the period. Wellington Management Group LLP raised its holdings in shares of Avidity Biosciences by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock worth $438,540,000 after acquiring an additional 815,497 shares during the period. RA Capital Management L.P. boosted its holdings in Avidity Biosciences by 18.9% in the 3rd quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock valued at $376,490,000 after purchasing an additional 1,375,000 shares during the last quarter. Avoro Capital Advisors LLC grew its position in Avidity Biosciences by 8.4% in the third quarter. Avoro Capital Advisors LLC now owns 7,645,000 shares of the biotechnology company’s stock worth $333,093,000 after acquiring an additional 595,000 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Avidity Biosciences by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 2,847,965 shares of the biotechnology company’s stock worth $80,893,000 after purchasing an additional 92,719 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Chardan Capital restated a “neutral” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, November 11th. Raymond James Financial downgraded Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 27th. Wolfe Research cut Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Needham & Company LLC cut shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price objective on the stock. in a research report on Monday, October 27th. Finally, Leerink Partners cut Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Avidity Biosciences currently has an average rating of “Hold” and an average target price of $69.57.

About Avidity Biosciences

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.