Polar Capital Holdings Plc Sells 270,235 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Polar Capital Holdings Plc lessened its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 17.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,271,891 shares of the biotechnology company's stock after selling 270,235 shares during the quarter. Polar Capital Holdings Plc owned about 1.07% of Avidity Biosciences worth $36,987,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. ProShare Advisors LLC boosted its position in shares of Avidity Biosciences by 35.0% during the 4th quarter. ProShare Advisors LLC now owns 36,909 shares of the biotechnology company's stock valued at $1,073,000 after acquiring an additional 9,573 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Avidity Biosciences by 8.0% during the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock worth $204,000 after acquiring an additional 518 shares during the last quarter. MPM Bioimpact LLC lifted its holdings in shares of Avidity Biosciences by 2.0% during the 4th quarter. MPM Bioimpact LLC now owns 702,981 shares of the biotechnology company's stock worth $20,443,000 after acquiring an additional 14,006 shares during the last quarter. Nicholas Investment Partners LP bought a new stake in shares of Avidity Biosciences during the 4th quarter worth $2,023,000. Finally, Millennium Management LLC lifted its holdings in shares of Avidity Biosciences by 29.2% during the 4th quarter. Millennium Management LLC now owns 23,941 shares of the biotechnology company's stock worth $696,000 after acquiring an additional 5,405 shares during the last quarter.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the transaction, the insider now owns 50,554 shares in the company, valued at approximately $1,406,917.82. This represents a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael F. Maclean sold 7,935 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the sale, the chief financial officer now directly owns 96,720 shares in the company, valued at $3,004,123.20. The trade was a 7.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,803 shares of company stock worth $1,877,437 over the last quarter. 3.83% of the stock is owned by corporate insiders.

Analyst Ratings Changes

RNA has been the subject of a number of recent research reports. Needham & Company LLC restated a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Royal Bank of Canada restated an "outperform" rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Citigroup initiated coverage on Avidity Biosciences in a research report on Thursday, March 13th. They issued a "buy" rating and a $70.00 target price for the company. Chardan Capital restated a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, May 7th. Finally, Barclays dropped their target price on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $66.38.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock traded up $0.14 during midday trading on Tuesday, reaching $30.36. 253,827 shares of the company's stock traded hands, compared to its average volume of 1,432,526. The company has a market cap of $3.66 billion, a PE ratio of -10.53 and a beta of 1.00. The stock has a 50 day moving average of $29.17 and a 200-day moving average of $32.72. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal 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.