Avidity Biosciences (NASDAQ:RNA) Insider Teresa Mccarthy Sells 2,929 Shares of Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 2,929 shares of the stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $212,206.05. Following the completion of the transaction, the insider directly owned 113,938 shares of the company’s stock, valued at approximately $8,254,808.10. The trade was a 2.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Wednesday, January 7th, Teresa Mccarthy sold 1,965 shares of Avidity Biosciences stock. The stock was sold at an average price of $72.23, for a total transaction of $141,931.95.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA opened at $72.60 on Friday. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $72.74. The company has a market capitalization of $10.94 billion, a PE ratio of -17.37 and a beta of 0.95. The company has a fifty day moving average of $71.88 and a 200-day moving average of $55.74.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.80 million. The business’s quarterly revenue was up 420.8% on a year-over-year basis. On average, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RNA shares. Needham & Company LLC downgraded Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price objective for the company. in a research note on Monday, October 27th. Citigroup downgraded shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday. Loop Capital set a $72.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Finally, Leerink Partners downgraded Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $69.57.

Key Avidity Biosciences News

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

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Avidity Biosciences by 42.9% in the 3rd 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 in the last quarter. Bellevue Group AG acquired a new stake in Avidity Biosciences during the third quarter worth approximately $93,800,000. RA Capital Management L.P. grew its stake in Avidity Biosciences by 18.9% during the third quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock worth $376,490,000 after purchasing an additional 1,375,000 shares during the period. Polar Capital Holdings Plc increased its holdings in Avidity Biosciences by 58.0% in the third quarter. Polar Capital Holdings Plc now owns 2,796,760 shares of the biotechnology company’s stock worth $121,855,000 after purchasing an additional 1,026,373 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Avidity Biosciences during the 2nd quarter valued at $28,261,000.

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.