Avidity Biosciences (NASDAQ:RNA) Insider Sells $473,388.30 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider W. Michael Flanagan sold 6,534 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $473,388.30. Following the completion of the transaction, the insider directly owned 85,093 shares of the company’s stock, valued at $6,164,987.85. The trade was a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

W. Michael Flanagan also recently made the following trade(s):

• On Wednesday, January 7th, W. Michael Flanagan sold 2,373 shares of Avidity Biosciences stock. The stock was sold at an average price of $72.23, for a total transaction of $171,401.79.

Avidity Biosciences Price Performance

NASDAQ:RNA opened at $72.60 on Monday. The company has a 50 day moving average price of $71.88 and a 200-day moving average price of $56.10. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $72.74. The firm has a market cap of $10.94 billion, a price-to-earnings ratio of -17.37 and a beta of 0.95.

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

Institutional Trading of Avidity Biosciences

Several large investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Avidity Biosciences by 4.8% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,316 shares of the biotechnology company’s stock valued at $463,000 after purchasing an additional 746 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Avidity Biosciences by 157.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 45,923 shares of the biotechnology company’s stock valued at $2,001,000 after buying an additional 28,055 shares during the period. Norges Bank acquired a new stake in shares of Avidity Biosciences during the 2nd quarter worth approximately $28,261,000. KLP Kapitalforvaltning AS raised its position in shares of Avidity Biosciences by 19.5% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 19,000 shares of the biotechnology company’s stock valued at $540,000 after buying an additional 3,100 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Avidity Biosciences by 31.6% in the second quarter. JPMorgan Chase & Co. now owns 580,275 shares of the biotechnology company’s stock valued at $16,480,000 after acquiring an additional 139,473 shares during the last quarter.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Citigroup cut shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Leerink Partners lowered shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note 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. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $72.00 price objective (up from $61.00) on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Avidity Biosciences currently has an average rating of “Hold” and an average target price of $69.57.

Key Stories Impacting 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

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.