Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by Algert Global LLC

Algert Global LLC lessened its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 4.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,391 shares of the biotechnology company’s stock after selling 1,862 shares during the period. Algert Global LLC’s holdings in Avidity Biosciences were worth $1,058,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Aaron Wealth Advisors LLC lifted its stake in Avidity Biosciences by 6.6% in the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after acquiring an additional 504 shares during the last quarter. New York State Common Retirement Fund lifted its position in shares of Avidity Biosciences by 0.3% during the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after purchasing an additional 598 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in shares of Avidity Biosciences by 6.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,611 shares of the biotechnology company’s stock worth $338,000 after purchasing an additional 666 shares in the last quarter. Xponance Inc. increased its holdings in Avidity Biosciences by 11.0% in the fourth quarter. Xponance Inc. now owns 7,957 shares of the biotechnology company’s stock valued at $231,000 after buying an additional 791 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Avidity Biosciences by 0.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,855 shares of the biotechnology company’s stock valued at $6,335,000 after buying an additional 830 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Citigroup started coverage on Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price objective on the stock. Scotiabank started coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday. Finally, Barclays reduced their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Stock Down 2.9 %

Shares of NASDAQ:RNA opened at $27.87 on Friday. The company has a market capitalization of $3.36 billion, a P/E ratio of -9.68 and a beta of 1.00. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00. The stock’s fifty day simple moving average is $29.28 and its 200-day simple moving average is $33.40.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). The firm had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insiders Place Their Bets

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $32.40, for a total value of $190,350.00. Following the completion of the sale, the insider now owns 50,554 shares in the company, valued at $1,637,949.60. The trade was a 10.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the transaction, the chief executive officer now owns 305,871 shares in the company, valued at approximately $9,500,353.26. The trade was a 9.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 60,803 shares of company stock valued at $1,877,437. Company insiders own 3.68% of the company’s stock.

Avidity Biosciences Company Profile

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.