Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) CFO Michael F. Maclean sold 11,151 shares of the business's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $364,191.66. Following the sale, the chief financial officer now owns 82,942 shares of the company's stock, valued at $2,708,885.72. The trade was a 11.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Avidity Biosciences Stock Performance
Shares of Avidity Biosciences stock opened at $31.05 on Friday. The stock has a 50 day moving average of $42.67 and a 200 day moving average of $42.11. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of -10.78 and a beta of 0.89. Avidity Biosciences, Inc. has a fifty-two week low of $8.37 and a fifty-two week high of $56.00.
Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts' consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million during the quarter, compared to analysts' expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.
Institutional Investors Weigh In On Avidity Biosciences
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A number of institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its position in shares of Avidity Biosciences by 84.9% during the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company's stock worth $322,931,000 after purchasing an additional 3,228,923 shares during the period. State Street Corp raised its position in Avidity Biosciences by 41.7% in the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock valued at $216,151,000 after purchasing an additional 1,386,087 shares during the period. Janus Henderson Group PLC lifted its stake in Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company's stock worth $224,774,000 after purchasing an additional 1,239,323 shares in the last quarter. RA Capital Management L.P. boosted its position in shares of Avidity Biosciences by 16.7% during the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock worth $289,378,000 after buying an additional 900,000 shares during the period. Finally, D. E. Shaw & Co. Inc. grew its stake in shares of Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock valued at $30,190,000 after buying an additional 707,773 shares in the last quarter.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on RNA. Royal Bank of Canada initiated coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They set an "outperform" rating and a $67.00 target price for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Chardan Capital reissued a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. HC Wainwright initiated coverage on Avidity Biosciences in a research report on Friday. They issued a "buy" rating and a $72.00 price target for the company. Finally, TD Cowen increased their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a report on Monday, October 21st. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $64.36.
Get Our Latest Stock Analysis on Avidity Biosciences
About Avidity Biosciences
(
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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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