Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by Quest Partners LLC

Quest Partners LLC decreased its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 51.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 639 shares of the biotechnology company’s stock after selling 683 shares during the quarter. Quest Partners LLC’s holdings in Avidity Biosciences were worth $26,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of RNA. Arizona State Retirement System increased its holdings in Avidity Biosciences by 2.1% in the second quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after buying an additional 405 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Avidity Biosciences by 134.1% in the 2nd quarter. Victory Capital Management Inc. now owns 21,817 shares of the biotechnology company’s stock worth $891,000 after acquiring an additional 12,497 shares during the period. 9258 Wealth Management LLC purchased a new position in Avidity Biosciences in the 2nd quarter valued at approximately $394,000. TD Asset Management Inc raised its holdings in Avidity Biosciences by 140.7% during the second quarter. TD Asset Management Inc now owns 513,338 shares of the biotechnology company’s stock worth $20,970,000 after purchasing an additional 300,054 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in Avidity Biosciences by 19.0% during the second quarter. Rhumbline Advisers now owns 141,481 shares of the biotechnology company’s stock worth $5,779,000 after purchasing an additional 22,604 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Chardan Capital raised their price target on Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th. Finally, Evercore ISI cut their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $61.00.

Avidity Biosciences Stock Performance

Shares of RNA opened at $44.48 on Friday. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $48.80. The company has a market capitalization of $4.88 billion, a PE ratio of -15.08 and a beta of 0.89. The stock has a fifty day moving average of $43.82 and a two-hundred day moving average of $33.91.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.11. The firm had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. As a group, equities research analysts forecast that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In related news, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $39.93, for a total value of $1,118,040.00. Following the completion of the sale, the chief executive officer now directly owns 205,043 shares in the company, valued at $8,187,366.99. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $45.19, for a total value of $225,950.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $670,167.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $39.93, for a total value of $1,118,040.00. Following the sale, the chief executive officer now owns 205,043 shares of the company’s stock, valued at approximately $8,187,366.99. The disclosure for this sale can be found here. Insiders have sold a total of 71,000 shares of company stock worth $3,011,490 in the last three months. Company insiders own 3.68% of the company’s stock.

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.