Mirador Capital Partners LP Sells 5,488 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Mirador Capital Partners LP cut its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 10.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,073 shares of the biotechnology company’s stock after selling 5,488 shares during the quarter. Mirador Capital Partners LP owned 0.06% of Avidity Biosciences worth $1,201,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Hennion & Walsh Asset Management Inc. raised its stake in Avidity Biosciences by 2.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company’s stock worth $1,862,000 after acquiring an additional 1,777 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Avidity Biosciences by 17.4% during the fourth quarter. Wellington Management Group LLP now owns 291,218 shares of the biotechnology company’s stock worth $2,636,000 after buying an additional 43,147 shares in the last quarter. Lighthouse Investment Partners LLC acquired a new stake in shares of Avidity Biosciences during the 4th quarter valued at $592,000. Steward Partners Investment Advisory LLC grew its position in Avidity Biosciences by 202.6% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 59,000 shares of the biotechnology company’s stock worth $534,000 after acquiring an additional 39,500 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in Avidity Biosciences in the 4th quarter worth about $211,000.

Avidity Biosciences Price Performance

RNA traded down $0.06 during trading on Monday, hitting $40.79. The company’s stock had a trading volume of 80,898 shares, compared to its average volume of 1,332,070. Avidity Biosciences, Inc. has a twelve month low of $4.82 and a twelve month high of $42.00. The stock’s fifty day moving average price is $30.05 and its 200-day moving average price is $21.11.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.02. The company had revenue of $3.54 million for 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%. On average, equities analysts anticipate that Avidity Biosciences, Inc. will post -3.15 EPS for the current year.

Insider Activity

In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total value of $715,120.00. Following the completion of the sale, the chief executive officer now owns 112,117 shares of the company’s stock, valued at $2,863,468.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $22.82, for a total value of $114,100.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $338,420.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total value of $715,120.00. Following the sale, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at $2,863,468.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 474,478 shares of company stock worth $16,306,520. Company insiders own 3.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Chardan Capital lifted their target price on shares of Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, June 12th. Bank of America increased their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Evercore ISI upped their price target on Avidity Biosciences from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, June 12th. Needham & Company LLC restated a “buy” rating and set a $35.00 price objective on shares of Avidity Biosciences in a research report on Monday, June 10th. Finally, Cantor Fitzgerald assumed coverage on Avidity Biosciences in a report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 target price on the stock. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $44.29.

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.