Avidity Biosciences, Inc. (NASDAQ:RNA) Stock Position Decreased by Alyeska Investment Group L.P.

Alyeska Investment Group L.P. lowered its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 33.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,000 shares of the biotechnology company’s stock after selling 25,000 shares during the period. Alyeska Investment Group L.P.’s holdings in Avidity Biosciences were worth $1,454,000 at the end of the most recent quarter.

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

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 stock was 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 owns 305,871 shares in the company, valued at $9,500,353.26. This represents a 9.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $32.40, for a total value of $190,350.00. Following the transaction, the insider now owns 50,554 shares in the company, valued at $1,637,949.60. This represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,803 shares of company stock worth $1,877,437 in the last quarter. 3.68% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have issued reports on RNA. Chardan Capital reissued a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Barclays decreased their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. HC Wainwright reaffirmed a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Citigroup initiated coverage on Avidity Biosciences in a research report on Thursday, March 13th. They set a “buy” rating and a $70.00 price target for the company. Finally, BMO Capital Markets assumed coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price target on the stock. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Price Performance

NASDAQ RNA opened at $26.26 on Wednesday. The company has a market capitalization of $3.16 billion, a P/E ratio of -9.12 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. The company’s 50 day simple moving average is $29.39 and its 200 day simple moving average is $33.80.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The company had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current 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.