US Bancorp DE Cuts Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

US Bancorp DE trimmed its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 91.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,244 shares of the biotechnology company’s stock after selling 53,154 shares during the period. US Bancorp DE’s holdings in Avidity Biosciences were worth $241,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of RNA. Avoro Capital Advisors LLC boosted its stake in shares of Avidity Biosciences by 132.1% in the 1st quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock valued at $148,654,000 after purchasing an additional 3,315,000 shares in the last quarter. Janus Henderson Group PLC boosted its position in Avidity Biosciences by 4,661.3% during the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock valued at $31,704,000 after buying an additional 1,216,730 shares during the period. RA Capital Management L.P. grew its stake in shares of Avidity Biosciences by 33.7% during the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock valued at $83,761,000 after buying an additional 827,647 shares during the last quarter. D. E. Shaw & Co. Inc. increased its holdings in shares of Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after buying an additional 707,773 shares during the period. Finally, Farallon Capital Management LLC purchased a new position in shares of Avidity Biosciences in the first quarter worth about $15,467,000.

Analyst Ratings Changes

RNA has been the subject of a number of analyst reports. 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. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective on the stock. Chardan Capital reiterated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday. Finally, TD Cowen boosted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $63.22.

Insider Buying and Selling

In related news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at approximately $678,175.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale 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 Thursday, September 19th. The stock was sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares of the company’s stock, valued at $3,036,792. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,543 shares of company stock valued at $5,782,042 over the last 90 days. Company insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Up 12.3 %

Shares of NASDAQ RNA opened at $52.50 on Thursday. The company has a 50 day moving average of $44.83 and a 200 day moving average of $39.92. Avidity Biosciences, Inc. has a twelve month low of $5.68 and a twelve month high of $56.00. The firm has a market cap of $6.26 billion, a P/E ratio of -18.23 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. As a group, equities analysts expect that Avidity Biosciences, Inc. will post -2.91 earnings per share for the current fiscal year.

About Avidity Biosciences

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.