D. E. Shaw & Co. Inc. Lowers Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

D. E. Shaw & Co. Inc. reduced its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 49.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 558,969 shares of the biotechnology company's stock after selling 549,678 shares during the quarter. D. E. Shaw & Co. Inc. owned about 0.47% of Avidity Biosciences worth $16,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Boxer Capital Management LLC bought a new position in Avidity Biosciences during the fourth quarter valued at approximately $50,232,000. Wellington Management Group LLP boosted its position in shares of Avidity Biosciences by 15.3% during 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 acquiring an additional 1,075,148 shares during the last quarter. Norges Bank bought a new position in shares of Avidity Biosciences during the 4th quarter valued at approximately $21,077,000. Avoro Capital Advisors LLC grew its holdings in shares of Avidity Biosciences by 9.1% in the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock valued at $218,100,000 after purchasing an additional 625,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position 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 worth $321,127,000 after purchasing an additional 408,861 shares during the last quarter.

Insider Activity

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences 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 directly owns 305,871 shares of the company's stock, valued at $9,500,353.26. The trade was a 9.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven George Hughes sold 9,578 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the transaction, the insider now directly owns 72,850 shares in the company, valued at $2,262,721. The trade was a 11.62% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,803 shares of company stock valued at $1,877,437. 3.68% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Barclays lowered their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Scotiabank started coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price target for the company. Bank of America reduced their price objective on 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 decreased their price objective on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, April 9th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $66.38.

Avidity Biosciences Price Performance

Shares of RNA traded up $1.38 during mid-day trading on Friday, reaching $30.35. 1,342,137 shares of the company's stock traded hands, compared to its average volume of 1,434,258. The stock's 50-day moving average is $29.20 and its two-hundred day moving average is $33.04. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The stock has a market cap of $3.66 billion, a P/E ratio of -10.54 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS 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 business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.63 million. Research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

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.