Insider Selling: Avidity Biosciences (NASDAQ:RNA) CFO Sells $329,067.90 in Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) CFO Michael Maclean sold 4,542 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $329,067.90. Following the sale, the chief financial officer owned 59,290 shares of the company’s stock, valued at approximately $4,295,560.50. This represents a 7.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Avidity Biosciences Trading Down 0.2%

Shares of NASDAQ RNA opened at $72.60 on Monday. The firm has a market cap of $10.94 billion, a P/E ratio of -17.37 and a beta of 0.95. The business’s 50 day moving average is $71.88 and its 200-day moving average is $56.10. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $72.74.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly 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 firm had revenue of $12.48 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. Analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS 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 large investors have recently made changes to their positions in the company. AlphaQuest LLC increased its stake in Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after acquiring an additional 331 shares during the last quarter. CWM LLC lifted its stake in Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 605 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 159 shares in the last quarter. Westside Investment Management Inc. bought a new position in shares of Avidity Biosciences in the 2nd quarter valued at $29,000. Finally, Comerica Bank increased its stake in shares of Avidity Biosciences by 75.9% in the 3rd quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock valued at $58,000 after purchasing an additional 576 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RNA. Needham & Company LLC cut shares of 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. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $72.00 price target (up from $61.00) on shares of Avidity Biosciences in a research report on Tuesday, October 28th. Roth Mkm cut Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price target for the company. in a research note on Monday, October 27th. HC Wainwright downgraded Avidity Biosciences from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $87.00 to $72.00 in a research report on Monday, October 27th. Finally, Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Eight investment 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. According to data from MarketBeat, the stock presently 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.