Teresa Mccarthy Sells 25,000 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $33.26, for a total transaction of $831,500.00. Following the completion of the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at $3,127,038.68. This trade represents a 21.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Teresa Mccarthy also recently made the following trade(s):

• On Monday, November 18th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The shares were sold at an average price of $41.14, for a total transaction of $1,028,500.00.
• On Wednesday, October 16th, Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00.
• On Monday, September 23rd, Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $31.05 on Friday. Avidity Biosciences, Inc. has a 1 year low of $8.37 and a 1 year high of $56.00. The firm’s 50-day moving average is $42.67 and its 200-day moving average is $42.11. The company has a market cap of $3.70 billion, a P/E ratio of -10.78 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on RNA shares. The Goldman Sachs Group started coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Evercore ISI reduced their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Chardan Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences currently has an average rating of “Buy” and a consensus target price of $63.60.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI bought a new stake in Avidity Biosciences in the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences during the third quarter valued at approximately $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences in the 3rd quarter worth approximately $32,000. Quarry LP grew its holdings in Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after buying an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC increased its position in Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after acquiring an additional 1,392 shares during the period.

About Avidity Biosciences

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.