Balyasny Asset Management L.P. Sells 23,752 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Balyasny Asset Management L.P. trimmed its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 14.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 137,057 shares of the biotechnology company's stock after selling 23,752 shares during the period. Balyasny Asset Management L.P. owned about 0.11% of Avidity Biosciences worth $3,986,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Barclays PLC increased its holdings in Avidity Biosciences by 68.5% during the third quarter. Barclays PLC now owns 255,699 shares of the biotechnology company's stock worth $11,743,000 after buying an additional 103,905 shares during the last quarter. Tidal Investments LLC purchased a new stake in Avidity Biosciences during the third quarter worth about $407,000. Franklin Resources Inc. raised 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 valued at $3,412,000 after purchasing an additional 50,908 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Avidity Biosciences in the fourth quarter valued at approximately $1,179,000. Finally, Aaron Wealth Advisors LLC lifted its stake in shares of Avidity Biosciences by 6.6% during the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company's stock valued at $236,000 after buying an additional 504 shares in the last quarter.

Avidity Biosciences Trading Down 5.0%

Shares of RNA traded down $1.48 during mid-day trading on Wednesday, reaching $28.40. The company's stock had a trading volume of 1,423,575 shares, compared to its average volume of 1,437,446. The stock has a market cap of $3.42 billion, a PE ratio of -9.86 and a beta of 1.00. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The company's fifty day moving average price is $29.26 and its two-hundred day moving average price is $33.19.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly 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). 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 the consensus estimate of $2.63 million. Research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Citigroup assumed coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price target on the stock. HC Wainwright reduced their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Monday. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price objective for the company. Bank of America reduced their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $66.38.

Insiders Place Their Bets

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were 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 directly owns 50,554 shares in the company, valued at approximately $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 can be accessed through the SEC website. Also, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 305,871 shares of the company's stock, valued at approximately $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 ninety days, insiders sold 60,803 shares of company stock worth $1,877,437. 3.68% of the stock is currently owned by corporate insiders.

Avidity Biosciences Company 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.