Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. lowered its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 18.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,423 shares of the biotechnology company's stock after selling 14,387 shares during the quarter. Hennion & Walsh Asset Management Inc. owned 0.05% of Avidity Biosciences worth $1,843,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Mirador Capital Partners LP increased its position in Avidity Biosciences by 10.0% during the 1st quarter. Mirador Capital Partners LP now owns 28,200 shares of the biotechnology company's stock worth $832,000 after purchasing an additional 2,569 shares in the last quarter. Rhumbline Advisers increased its position in Avidity Biosciences by 7.1% during the 1st quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company's stock worth $4,864,000 after purchasing an additional 10,973 shares in the last quarter. Parallel Advisors LLC increased its position in Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 515 shares in the last quarter. GAMMA Investing LLC increased its position in Avidity Biosciences by 3,267.5% during the 1st quarter. GAMMA Investing LLC now owns 66,272 shares of the biotechnology company's stock worth $1,956,000 after purchasing an additional 64,304 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in Avidity Biosciences by 9.2% during the 4th quarter. California State Teachers Retirement System now owns 84,552 shares of the biotechnology company's stock worth $2,459,000 after purchasing an additional 7,148 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on RNA shares. BMO Capital Markets started coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price objective for the company. Barclays lowered their price target on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Needham & Company LLC restated a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th. Chardan Capital restated a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, May 7th. Finally, HC Wainwright lowered their price target on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a report on Monday, May 12th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $66.38.

Avidity Biosciences Stock Up 1.8%

Shares of NASDAQ RNA traded up $0.65 during midday trading on Friday, hitting $36.24. The stock had a trading volume of 1,533,202 shares, compared to its average volume of 1,447,655. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of -12.58 and a beta of 0.95. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $56.00. The company has a fifty day moving average price of $29.43 and a 200 day moving average price of $31.56.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data 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). The firm had revenue of $1.60 million during the quarter, compared to analyst estimates 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, research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Activity

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $32.40, for a total transaction of $190,350.00. Following the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,637,949.60. The trade was a 10.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Michael F. Maclean sold 7,935 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $246,461.10. Following the transaction, the chief financial officer now directly owns 96,720 shares in the company, valued at $3,004,123.20. This trade represents a 7.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,678 shares of company stock valued at $2,068,257 in the last three months. Corporate insiders own 3.83% of the company's stock.

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.