Insider Sell: CFO Michael Maclean Sells 40,000 Shares of Avidity Biosciences Inc (RNA)
Michael Maclean, Chief Financial Officer of Avidity Biosciences Inc (NASDAQ:RNA), sold 40,000 shares of the company on March 13, 2024, according to a recent SEC filing. The transaction was executed at an average price of $24.52 per share, resulting in a total value of $980,800.
Avidity Biosciences Inc is a biotechnology company focused on the discovery and development of oligonucleotide-based therapies called Antibody Oligonucleotide Conjugates (AOCs). The company aims to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to target genetic drivers of disease.
Over the past year, Michael Maclean has sold a total of 41,616 shares of Avidity Biosciences Inc and has not made any purchases of the stock. The insider transaction history for the company shows a pattern of 9 insider sells and no insider buys over the same timeframe.
On the day of the insider's recent sale, Avidity Biosciences Inc shares were trading at $24.52, giving the company a market capitalization of $1.946 billion.
The stock's valuation, according to GuruFocus Value, stands at $8.12 per share, indicating that Avidity Biosciences Inc is significantly overvalued with a price-to-GF-Value ratio of 3.02.
The GF Value is determined by considering historical trading multiples such as price-earnings ratio, price-sales ratio, price-book ratio, and price-to-free cash flow, along with a GuruFocus adjustment factor based on the company's historical returns and growth, and future business performance estimates provided by Morningstar analysts.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.
