Orbimed Advisors LLC Trims Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Orbimed Advisors LLC cut its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 2.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,112,886 shares of the biotechnology company’s stock after selling 31,919 shares during the period. Orbimed Advisors LLC owned 0.93% of Avidity Biosciences worth $32,363,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of RNA. Y Intercept Hong Kong Ltd bought a new position in shares of Avidity Biosciences in the fourth quarter worth approximately $386,000. Vanguard Group Inc. raised its holdings in Avidity Biosciences by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock worth $274,280,000 after acquiring an additional 205,027 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Avidity Biosciences by 19.5% in the 4th quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company’s stock valued at $10,557,000 after acquiring an additional 59,295 shares in the last quarter. Franklin Resources Inc. lifted its position in Avidity Biosciences by 229.9% in the 3rd quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company’s stock valued at $3,412,000 after acquiring an additional 50,908 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in Avidity Biosciences during the 4th quarter valued at $1,179,000.

Avidity Biosciences Trading Up 5.2%

RNA opened at $29.33 on Tuesday. The company’s 50 day moving average is $29.27 and its 200 day moving average is $33.21. The company has a market cap of $3.53 billion, a price-to-earnings ratio of -10.18 and a beta of 1.00. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00.

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

Analyst Ratings Changes

Several research firms have recently weighed in on RNA. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Citigroup began coverage on Avidity Biosciences in a research report on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price for the company. Royal Bank of Canada restated an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. HC Wainwright reduced their price target on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a research note on Monday. Finally, Scotiabank assumed 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 for the company. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and an average target price of $66.38.

Insider Activity at Avidity Biosciences

In other news, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the sale, the chief executive officer now directly owns 305,871 shares of the company’s stock, valued at $9,500,353.26. This represents a 9.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $32.40, for a total transaction of $190,350.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,803 shares of company stock worth $1,877,437. Corporate insiders own 3.68% of the company’s stock.

Avidity Biosciences 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.