Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC cut its stake in Avidity Biosciences, Inc. (NASDAQ:RNAFree Report) by 30.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 270,159 shares of the biotechnology company’s stock after selling 118,923 shares during the period. Rafferty Asset Management LLC owned 0.36% of Avidity Biosciences worth $2,445,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. grew its position in shares of Avidity Biosciences by 73.3% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,300,000 shares of the biotechnology company’s stock worth $8,294,000 after acquiring an additional 550,000 shares in the last quarter. FMR LLC boosted its holdings in Avidity Biosciences by 4.6% in the third quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company’s stock worth $70,910,000 after purchasing an additional 491,567 shares during the period. GSA Capital Partners LLP increased its stake in Avidity Biosciences by 491.7% during the third quarter. GSA Capital Partners LLP now owns 339,679 shares of the biotechnology company’s stock valued at $2,167,000 after purchasing an additional 282,270 shares during the last quarter. abrdn plc bought a new position in shares of Avidity Biosciences in the 4th quarter worth about $1,171,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Avidity Biosciences by 301.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 166,019 shares of the biotechnology company’s stock valued at $1,502,000 after buying an additional 124,633 shares during the period.

Avidity Biosciences Trading Up 2.2 %

Shares of NASDAQ RNA opened at $26.60 on Monday. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $30.84. The stock has a 50 day simple moving average of $26.13 and a 200-day simple moving average of $17.89.

Avidity Biosciences (NASDAQ:RNAGet Free Report) last posted its quarterly earnings data on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, topping the consensus estimate of ($0.81) by $0.02. The business had revenue of $3.54 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. As a group, equities analysts forecast that Avidity Biosciences, Inc. will post -3.1 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RNA shares. Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They set an “overweight” rating and a $60.00 price objective on the stock. Bank of America started coverage on Avidity Biosciences in a research report on Friday, May 3rd. They set a “buy” rating and a $40.00 price target on the stock. Chardan Capital restated a “buy” rating and set a $33.00 price objective on shares of Avidity Biosciences in a research report on Friday, May 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 target price on shares of Avidity Biosciences in a research report on Friday, May 10th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and a consensus target price of $41.33.

Check Out Our Latest Research Report on RNA

Insider Activity

In related news, Director Arthur A. Levin sold 27,641 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $22.03, for a total transaction of $608,931.23. Following the sale, the director now owns 14,830 shares of the company’s stock, valued at $326,704.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Arthur A. Levin sold 27,641 shares of Avidity Biosciences stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $22.03, for a total transaction of $608,931.23. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $326,704.90. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Arthur A. Levin sold 20,000 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $27.11, for a total transaction of $542,200.00. Following the completion of the sale, the director now directly owns 253,872 shares of the company’s stock, valued at $6,882,469.92. The disclosure for this sale can be found here. Insiders sold 256,641 shares of company stock worth $6,633,051 over the last three months. Corporate insiders own 3.68% of the company’s stock.

About Avidity Biosciences

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Avidity Biosciences (NASDAQ:RNA)

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