Avidity Biosciences, Inc. (NASDAQ:RNA) Insider John B. Moriarty Sells 2,245 Shares

by · The Cerbat Gem

Avidity Biosciences, Inc. (NASDAQ:RNA – Get Free Report) insider John B. Moriarty sold 2,245 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $36.21, for a total transaction of $81,291.45. Following the transaction, the insider directly owned 47,755 shares in the company, valued at $1,729,208.55. The trade was a 4.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $38.26 on Wednesday. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of -12.75 and a beta of 0.95. The firm’s fifty day moving average price is $32.28 and its 200 day moving average price is $30.91.

Avidity Biosciences (NASDAQ:RNA – Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 26.96% and a negative net margin of 4,136.00%. The firm had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $2.63 million. Analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on RNA. Evercore ISI reaffirmed an “outperform” rating and set a $70.00 price target on shares of Avidity Biosciences in a research note on Friday, July 11th. Sanford C. Bernstein began coverage on shares of Avidity Biosciences in a research note on Tuesday, June 24th. They set an “outperform” rating and a $50.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Bank of America increased their price target on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Finally, Wolfe Research initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, June 17th. They set an “outperform” rating and a $55.00 price target on the stock. Sixteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $66.35.

View Our Latest Research Report on Avidity Biosciences

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RNA. Janus Henderson Group PLC grew its holdings in Avidity Biosciences by 44.1% during the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock worth $205,134,000 after acquiring an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC acquired a new position in Avidity Biosciences during the 4th quarter worth $50,232,000. Wellington Management Group LLP grew its holdings in Avidity Biosciences by 19.5% during the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company’s stock worth $285,888,000 after acquiring an additional 1,578,459 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in Avidity Biosciences during the 1st quarter worth $22,765,000. Finally, Norges Bank acquired a new position in Avidity Biosciences during the 4th quarter worth $21,077,000.

Avidity Biosciences Company Profile

(Get Free Report)

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.

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