Rafferty Asset Management LLC Sells 22,381 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Rafferty Asset Management LLC reduced its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 11.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 176,984 shares of the biotechnology company's stock after selling 22,381 shares during the period. Rafferty Asset Management LLC owned about 0.15% of Avidity Biosciences worth $5,147,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Barclays PLC grew 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 valued at $11,743,000 after purchasing an additional 103,905 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Avidity Biosciences in the fourth quarter valued at $1,179,000. Aaron Wealth Advisors LLC lifted its position 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 during the last quarter. KBC Group NV grew its stake in shares of Avidity Biosciences by 99.0% during the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after acquiring an additional 2,226 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of Avidity Biosciences by 12.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 25,298 shares of the biotechnology company's stock worth $736,000 after acquiring an additional 2,772 shares during the period.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on RNA shares. HC Wainwright lowered their price target on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. BMO Capital Markets assumed coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price for the company. Barclays lowered their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Scotiabank assumed coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. Finally, Chardan Capital reaffirmed a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, May 7th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $66.38.

Insider Activity

In related news, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $979,632.40. Following the transaction, the chief executive officer now owns 305,871 shares of the company's stock, valued at approximately $9,500,353.26. This trade represents a 9.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven George Hughes sold 9,578 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 $297,492.68. Following the sale, the insider now owns 72,850 shares of the company's stock, valued at approximately $2,262,721. The trade was a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 60,803 shares of company stock worth $1,877,437. 3.83% of the stock is currently owned by insiders.

Avidity Biosciences Trading Down 3.2%

Shares of NASDAQ:RNA traded down $1.02 during trading on Wednesday, reaching $30.62. The company had a trading volume of 1,371,898 shares, compared to its average volume of 1,439,605. The company has a fifty day moving average of $29.16 and a two-hundred day moving average of $32.71. The stock has a market capitalization of $3.69 billion, a P/E ratio of -10.63 and a beta of 1.00. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its 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 during the quarter, compared to the consensus estimate of $2.63 million. As a group, equities 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.