Avidity Biosciences, Inc. (NASDAQ:RNA) Director Arthur A. Levin Sells 3,323 Shares of Stock

by · The Markets Daily

Avidity Biosciences, Inc. (NASDAQ:RNA – Get Free Report) Director Arthur A. Levin sold 3,323 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total value of $139,964.76. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at approximately $624,639.60. This trade represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $43.65 on Thursday. The company’s 50-day moving average is $45.39 and its 200-day moving average is $40.67. Avidity Biosciences, Inc. has a fifty-two week low of $5.68 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA – Get Free Report) last announced 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. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. As a group, research analysts predict that Avidity Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

A number of large investors have recently added to or reduced their stakes in the business. PEAK6 Investments LLC raised its position in shares of Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after purchasing an additional 343 shares during the period. Arizona State Retirement System grew its stake in Avidity Biosciences by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after buying an additional 405 shares during the last quarter. National Bank of Canada FI bought a new position in Avidity Biosciences in the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC acquired a new stake in Avidity Biosciences during the third quarter worth approximately $30,000. Finally, Values First Advisors Inc. acquired a new stake in Avidity Biosciences during the third quarter worth approximately $32,000.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on RNA shares. TD Cowen lifted their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Evercore ISI cut their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and a consensus price target of $63.22.

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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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