Two Sigma Advisers LP Decreases Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Two Sigma Advisers LP lessened its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 80.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 16,400 shares of the biotechnology company's stock after selling 65,500 shares during the period. Two Sigma Advisers LP's holdings in Avidity Biosciences were worth $477,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Quantinno Capital Management LP lifted its holdings in shares of Avidity Biosciences by 8.0% in the fourth quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock valued at $204,000 after purchasing an additional 518 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Avidity Biosciences by 0.3% in the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock valued at $5,374,000 after purchasing an additional 598 shares in the last quarter. Summit Investment Advisors Inc. lifted its holdings in shares of Avidity Biosciences by 6.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,611 shares of the biotechnology company's stock valued at $338,000 after purchasing an additional 666 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Avidity Biosciences by 11.0% in the fourth quarter. Xponance Inc. now owns 7,957 shares of the biotechnology company's stock valued at $231,000 after purchasing an additional 791 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Avidity Biosciences by 0.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,855 shares of the biotechnology company's stock valued at $6,335,000 after purchasing an additional 830 shares in the last quarter.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RNA. Chardan Capital restated a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, May 7th. HC Wainwright decreased their price target on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Scotiabank started coverage on Avidity Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price target for the company. Finally, Bank of America decreased their price target on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $66.38.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock traded up $0.65 during trading hours on Friday, reaching $36.24. The company had a trading volume of 1,533,202 shares, compared to its average volume of 1,449,787. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The business has a fifty day simple moving average of $29.43 and a 200 day simple moving average of $31.40. The firm has a market cap of $4.37 billion, a PE ratio of -12.58 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The business had revenue of $1.60 million for the quarter, compared to the consensus estimate 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 at Avidity Biosciences

In other Avidity Biosciences news, CFO Michael F. Maclean sold 7,935 shares of Avidity Biosciences stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the completion of the sale, the chief financial officer now owns 96,720 shares of the company's stock, valued at $3,004,123.20. The trade was a 7.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the transaction, the chief executive officer now owns 305,871 shares in the company, valued at approximately $9,500,353.26. This represents a 9.35% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,678 shares of company stock valued at $2,068,257. Company insiders own 3.83% of the company's stock.

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.