Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by RTW Investments LP

RTW Investments LP decreased its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 2.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,932,870 shares of the biotechnology company’s stock after selling 200,000 shares during the quarter. Avidity Biosciences comprises approximately 3.5% of RTW Investments LP’s investment portfolio, making the stock its 6th largest holding. RTW Investments LP owned about 6.65% of Avidity Biosciences worth $230,688,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Janus Henderson Group PLC grew its position in Avidity Biosciences by 44.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock valued at $205,134,000 after purchasing an additional 2,156,844 shares during the period. Boxer Capital Management LLC acquired a new stake in Avidity Biosciences in the 4th quarter valued at $50,232,000. Wellington Management Group LLP boosted its holdings in Avidity Biosciences by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock worth $235,725,000 after acquiring an additional 1,075,148 shares during the last quarter. Norges Bank purchased a new position in Avidity Biosciences during the 4th quarter worth $21,077,000. Finally, Avoro Capital Advisors LLC boosted its holdings in Avidity Biosciences by 9.1% during the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock worth $218,100,000 after acquiring an additional 625,000 shares during the last quarter.

Insider Buying and Selling

In other news, insider Steven George Hughes sold 9,578 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the sale, the insider now owns 72,850 shares of the company’s stock, valued at approximately $2,262,721. This represents a 11.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the sale, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,406,917.82. This trade represents a 10.41% decrease in their position. 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. Insiders own 3.68% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Citigroup assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective on the stock. 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 on the stock. HC Wainwright cut their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating on the stock in a report on Monday. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday, May 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, April 9th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $66.38.

Avidity Biosciences Stock Up 2.0%

NASDAQ RNA opened at $28.97 on Friday. The company has a market cap of $3.49 billion, a PE ratio of -10.06 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 firm’s 50-day simple moving average is $29.20 and its two-hundred day simple moving average is $33.04.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly 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). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $2.63 million. As a group, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

About Avidity Biosciences

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.