Profund Advisors LLC Sells 3,450 Shares of Avidity Biosciences, Inc. $RNA

Profund Advisors LLC decreased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 11.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 reporting period.

Several other large investors have also added to or reduced their stakes in RNA. Westside Investment Management Inc. acquired a new position in Avidity Biosciences in the second quarter valued at approximately $29,000. IFP Advisors Inc increased its stake in shares of Avidity Biosciences by 123.2% in the 1st quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company’s stock valued at $96,000 after acquiring an additional 1,787 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Avidity Biosciences by 149.2% during the 1st quarter. Russell Investments Group Ltd. now owns 4,378 shares of the biotechnology company’s stock valued at $129,000 after acquiring an additional 2,621 shares during the period. Strs Ohio bought a new position in Avidity Biosciences during the first quarter worth $180,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Avidity Biosciences by 9.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,135 shares of the biotechnology company’s stock worth $181,000 after acquiring an additional 514 shares in the last quarter.

Avidity Biosciences Stock Performance

RNA stock opened at $70.70 on Wednesday. The business has a 50-day simple moving average of $51.55 and a two-hundred day simple moving average of $40.71. The company has a market capitalization of $10.32 billion, a P/E ratio of -16.91 and a beta of 0.97. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $70.76.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on RNA. Sanford C. Bernstein downgraded shares of Avidity Biosciences from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $52.00 to $72.00 in a research note on Monday, October 27th. Leerink Partners reaffirmed a “market perform” rating and issued a $72.00 target price (up from $65.00) on shares of Avidity Biosciences in a research report on Monday, October 27th. Citigroup downgraded Avidity Biosciences from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Leerink Partnrs cut Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Finally, Raymond James Financial lowered Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 27th. Nine research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $69.24.

Insiders Place Their Bets

In other news, insider Eric Mosbrooker sold 6,562 shares of the stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $45.38, for a total value of $297,783.56. Following the completion of the sale, the insider owned 55,000 shares in the company, valued at $2,495,900. This represents a 10.66% 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, Director Troy Edward Wilson sold 29,500 shares of the firm’s stock in a transaction dated 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 transaction, the director directly owned 54,425 shares in the company, valued at $2,721,250. The trade was a 35.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 154,438 shares of company stock worth $7,588,537 in the last three months. 3.83% of the stock is owned by corporate insiders.

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.