Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by Casdin Capital LLC

Casdin Capital LLC cut its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,045,000 shares of the biotechnology company's stock after selling 39,841 shares during the period. Avidity Biosciences comprises about 4.0% of Casdin Capital LLC's portfolio, making the stock its 7th largest position. Casdin Capital LLC owned approximately 1.71% of Avidity Biosciences worth $59,469,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RNA. Boxer Capital Management LLC bought a new position in Avidity Biosciences during the fourth quarter worth about $50,232,000. Wellington Management Group LLP grew its position in shares of Avidity Biosciences by 15.3% in the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock valued at $235,725,000 after purchasing an additional 1,075,148 shares during the period. Norges Bank bought a new stake in Avidity Biosciences during the 4th quarter worth approximately $21,077,000. Avoro Capital Advisors LLC raised its holdings in Avidity Biosciences by 9.1% during the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock worth $218,100,000 after buying an additional 625,000 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in Avidity Biosciences by 3.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock valued at $321,127,000 after buying an additional 408,861 shares in the last quarter.

Insider Activity

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $1,406,917.82. This represents a 10.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the sale, the chief executive officer now directly owns 305,871 shares in the company, valued at $9,500,353.26. The trade was a 9.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,803 shares of company stock worth $1,877,437. Insiders own 3.68% of the company's stock.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $32.28 on Tuesday. The business's 50 day simple moving average is $29.45 and its 200 day simple moving average is $33.85. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $56.00. The company has a market capitalization of $3.88 billion, a P/E ratio of -11.21 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. On average, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Barclays reduced their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. BMO Capital Markets assumed coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price objective for the company. Needham & Company LLC restated a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Scotiabank assumed coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price target for the company. Finally, Bank of America cut their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences currently has a consensus rating of "Buy" and a consensus price target of $66.69.

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.

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