Adage Capital Partners GP L.L.C. Sells 327,430 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Adage Capital Partners GP L.L.C. lessened its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 10.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,751,944 shares of the biotechnology company's stock after selling 327,430 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 2.31% of Avidity Biosciences worth $80,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd acquired a new position in shares of Avidity Biosciences during the 4th quarter worth $386,000. Lord Abbett & CO. LLC lifted its stake in shares of Avidity Biosciences by 30.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock worth $24,766,000 after acquiring an additional 124,867 shares during the period. Vanguard Group Inc. raised its holdings in shares of Avidity Biosciences by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after purchasing an additional 205,027 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Avidity Biosciences by 19.5% during the fourth quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company's stock valued at $10,557,000 after buying an additional 59,295 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Avidity Biosciences by 229.9% in the third quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company's stock worth $3,412,000 after buying an additional 50,908 shares during the last quarter.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Barclays cut their price target on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a report on Friday, February 28th. BMO Capital Markets started coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective for the company. Chardan Capital restated a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Finally, HC Wainwright reiterated a "buy" rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $66.69.

Insider Transactions at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares in the company, valued at $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sarah Boyce sold 31,540 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the completion of the sale, the chief executive officer now owns 305,871 shares of the company's stock, valued at $9,500,353.26. This trade represents a 9.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock worth $1,876,027 in the last quarter. Company insiders own 3.68% of the company's stock.

Avidity Biosciences Stock Up 1.7 %

Shares of NASDAQ RNA traded up $0.53 during mid-day trading on Tuesday, reaching $31.74. 297,215 shares of the company were exchanged, compared to its average volume of 1,404,961. The stock has a market capitalization of $3.81 billion, a P/E ratio of -11.03 and a beta of 1.01. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The company's 50-day simple moving average is $29.27 and its 200-day simple moving average is $34.41.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.97 million for the quarter, compared to analysts' expectations of $1.74 million. As a group, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

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.