Avidity Biosciences (NASDAQ:RNA) Insider Steven George Hughes Sells 4,895 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Steven George Hughes sold 4,895 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $354,642.75. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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 shares were sold at an average price of $72.23, for a total value of $171,401.79.

Avidity Biosciences Trading Down 0.2%

NASDAQ:RNA opened at $72.60 on Friday. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $72.74. The firm has a market capitalization of $10.94 billion, a price-to-earnings ratio of -17.37 and a beta of 0.95. The business’s 50-day moving average price is $71.88 and its two-hundred day moving average price is $55.74.

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

Trending Headlines about Avidity Biosciences

Here are the key news stories impacting Avidity Biosciences this week:

• Negative Sentiment: CEO Sarah Boyce sold 14,387 shares for ~$1.04M (a 5.08% reduction in her holding). CEO Form 4
• Negative Sentiment: CFO Michael F. Maclean sold 4,542 shares for ~$329k (a 7.12% reduction). CFO Form 4
• Negative Sentiment: Insider W. Michael Flanagan sold 6,534 shares for ~$473k (a 7.13% reduction). Insider Form 4
• Negative Sentiment: Insider Steven George Hughes sold 4,895 shares for ~$355k (a 13.41% reduction). Insider Form 4
• Negative Sentiment: Insider Teresa McCarthy sold 2,929 shares for ~$212k (a 2.51% reduction). Insider Form 4
• Negative Sentiment: Director Arthur A. Levin sold 1,758 shares for ~$127k (a 9.60% reduction). Director Form 4

Institutional Trading of Avidity Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of RNA. Farther Finance Advisors LLC boosted its position in shares of Avidity Biosciences by 507.8% during the fourth quarter. Farther Finance Advisors LLC now owns 1,398 shares of the biotechnology company’s stock worth $101,000 after buying an additional 1,168 shares during the period. High Net Worth Advisory Group LLC bought a new stake in Avidity Biosciences in the 4th quarter valued at approximately $252,000. Ritholtz Wealth Management acquired a new position in Avidity Biosciences during the 4th quarter worth approximately $252,000. Capricorn Fund Managers Ltd grew its stake in shares of Avidity Biosciences by 533.9% during the 4th quarter. Capricorn Fund Managers Ltd now owns 68,463 shares of the biotechnology company’s stock worth $4,938,000 after acquiring an additional 57,663 shares in the last quarter. Finally, Harbor Capital Advisors Inc. bought a new position in shares of Avidity Biosciences during the 4th quarter worth approximately $615,000.

Wall Street Analyst Weigh In

Several research firms have weighed in on RNA. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday. Leerink Partners cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Evercore ISI set a $72.00 price objective on Avidity Biosciences in a research note on Thursday, December 18th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $72.00 target price (up from $61.00) on shares of Avidity Biosciences in a report on Tuesday, October 28th. Finally, TD Cowen restated a “hold” rating on shares of Avidity Biosciences in a report on Wednesday, November 12th. Eight research 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, the company currently has a consensus rating of “Hold” and a consensus target price of $69.57.

Avidity Biosciences Company Profile

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.