Farallon Capital Management LLC Has $204,000 Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Farallon Capital Management LLC decreased its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 99.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,000 shares of the biotechnology company’s stock after selling 601,061 shares during the period. Farallon Capital Management LLC’s holdings in Avidity Biosciences were worth $204,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Quadrant Capital Group LLC increased its stake in Avidity Biosciences by 456.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after buying an additional 2,714 shares during the last quarter. nVerses Capital LLC increased its position in Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after acquiring an additional 700 shares during the period. Amalgamated Bank boosted its stake in shares of Avidity Biosciences by 39.0% in the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 982 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Avidity Biosciences by 32.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after purchasing an additional 1,076 shares during the last quarter. Finally, Privium Fund Management B.V. bought a new position in Avidity Biosciences during the first quarter worth $205,000.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Bank of America lifted their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Barclays assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Evercore ISI reduced their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $61.00.

Insider Transactions at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 11,510 shares of Avidity Biosciences stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $506,440.00. Following the completion of the sale, the chief financial officer now directly owns 96,355 shares in the company, valued at $4,239,620. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $45.01, for a total value of $225,050.00. Following the completion of the transaction, the director now directly owns 14,830 shares in the company, valued at $667,498.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael F. Maclean sold 11,510 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $506,440.00. Following the sale, the chief financial officer now owns 96,355 shares in the company, valued at approximately $4,239,620. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,543 shares of company stock worth $5,543,382. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Stock Performance

RNA stock opened at $43.50 on Tuesday. The firm has a fifty day moving average price of $43.77 and a 200 day moving average price of $34.46. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $48.80. The firm has a market cap of $4.16 billion, a PE ratio of -14.75 and a beta of 0.89.

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. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The business had revenue of $2.05 million during the quarter, compared to the consensus estimate of $7.09 million. On average, equities analysts predict that Avidity Biosciences, Inc. will post -3.01 EPS for the current year.

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.