Profund Advisors LLC Has $776,000 Stock Position in Avidity Biosciences, Inc. $RNA

Profund Advisors LLC cut its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 11.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,324 shares of the biotechnology company’s stock after selling 3,450 shares during the period. Profund Advisors LLC’s holdings in Avidity Biosciences were worth $776,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in shares of Avidity Biosciences by 1.0% during the 1st quarter. Bank of New York Mellon Corp now owns 366,594 shares of the biotechnology company’s stock worth $10,822,000 after buying an additional 3,577 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Avidity Biosciences by 109.1% during the first quarter. Envestnet Asset Management Inc. now owns 69,265 shares of the biotechnology company’s stock worth $2,045,000 after acquiring an additional 36,133 shares in the last quarter. Xponance Inc. raised its stake in Avidity Biosciences by 7.3% during the first quarter. Xponance Inc. now owns 8,536 shares of the biotechnology company’s stock worth $252,000 after acquiring an additional 579 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Avidity Biosciences by 47.3% in the first quarter. New York State Common Retirement Fund now owns 272,279 shares of the biotechnology company’s stock worth $8,038,000 after acquiring an additional 87,468 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Avidity Biosciences by 8.9% in the 1st quarter. Victory Capital Management Inc. now owns 41,703 shares of the biotechnology company’s stock valued at $1,231,000 after purchasing an additional 3,395 shares in the last quarter.

Insider Buying and Selling

In related news, insider Teresa Mccarthy sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $50.15, for a total value of $1,003,000.00. Following the sale, the insider directly owned 97,130 shares in the company, valued at $4,871,069.50. This represents a 17.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Troy Edward Wilson sold 29,500 shares of the stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $50.00, for a total transaction of $1,475,000.00. Following the sale, the director directly owned 54,425 shares of the company’s stock, valued at $2,721,250. This represents a 35.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 154,438 shares of company stock valued at $7,588,537 over the last 90 days. 3.83% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Wolfe Research cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Roth Capital cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 target price on the stock. in a research note on Monday, October 27th. Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Royal Bank Of Canada reissued a “sector perform” rating and set a $72.00 price objective (up previously from $61.00) on shares of Avidity Biosciences in a report on Tuesday, October 28th. Finally, Evercore ISI reduced their price objective on Avidity Biosciences from $70.00 to $65.00 and set an “outperform” rating on the stock in a research report on Monday, September 22nd. Nine investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Avidity Biosciences currently has an average rating of “Hold” and an average target price of $69.24.

Avidity Biosciences Stock Up 1.2%

Shares of Avidity Biosciences stock opened at $70.70 on Wednesday. The stock has a market cap of $10.32 billion, a price-to-earnings ratio of -16.91 and a beta of 0.97. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $70.76. The company’s fifty day moving average is $51.55 and its 200 day moving average is $40.71.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Monday, November 10th. The biotechnology company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.22). Avidity Biosciences had a negative return on equity of 41.79% and a negative net margin of 2,634.59%.The company had revenue of $12.50 million for the quarter, compared to analyst estimates of $1.80 million. The firm’s revenue was up 420.8% on a year-over-year basis. As a group, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

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.