RTW Investments LP Sells 200,000 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

RTW Investments LP lowered its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,932,870 shares of the biotechnology company's stock after selling 200,000 shares during the period. Avidity Biosciences comprises approximately 3.5% of RTW Investments LP's investment portfolio, making the stock its 6th biggest position. RTW Investments LP owned approximately 6.65% of Avidity Biosciences worth $230,688,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. TD Waterhouse Canada Inc. grew its stake in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 866 shares during the period. Van ECK Associates Corp acquired a new stake in Avidity Biosciences in the 4th quarter valued at $38,000. Headlands Technologies LLC acquired a new stake in Avidity Biosciences in the 4th quarter valued at $60,000. KBC Group NV grew its stake in Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock valued at $130,000 after acquiring an additional 2,226 shares during the period. Finally, US Bancorp DE grew its stake in Avidity Biosciences by 25.2% in the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock valued at $191,000 after acquiring an additional 1,324 shares during the period.

Analysts Set New Price Targets

RNA has been the topic of several recent research reports. Chardan Capital reaffirmed a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, May 7th. Barclays lowered their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Bank of America lowered their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. HC Wainwright lowered their target price on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Finally, BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price on the stock. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and a consensus target price of $66.38.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $32.40, for a total value of $190,350.00. Following the transaction, the insider now owns 50,554 shares of the company's stock, valued at $1,637,949.60. This represents a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 31,540 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $979,632.40. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock valued at $1,877,437 over the last 90 days. 3.83% of the stock is owned by insiders.

Avidity Biosciences Stock Performance

Shares of RNA stock traded down $0.13 on Monday, hitting $30.22. 1,257,676 shares of the stock traded hands, compared to its average volume of 1,437,143. The firm's 50-day moving average price is $29.22 and its two-hundred day moving average price is $32.80. The stock has a market capitalization of $3.64 billion, a PE ratio of -10.49 and a beta of 1.00. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00.

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