Orbimed Advisors LLC Sells 31,919 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Orbimed Advisors LLC lessened its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 2.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,112,886 shares of the biotechnology company's stock after selling 31,919 shares during the period. Orbimed Advisors LLC owned 0.93% of Avidity Biosciences worth $32,363,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Millennium Management LLC increased its stake in Avidity Biosciences by 29.2% during the 4th quarter. Millennium Management LLC now owns 23,941 shares of the biotechnology company's stock worth $696,000 after acquiring an additional 5,405 shares during the period. Janus Henderson Group PLC increased its stake in shares of Avidity Biosciences by 44.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock valued at $205,134,000 after purchasing an additional 2,156,844 shares during the last quarter. Ensign Peak Advisors Inc increased its stake in shares of Avidity Biosciences by 24.8% in the 4th quarter. Ensign Peak Advisors Inc now owns 27,950 shares of the biotechnology company's stock valued at $813,000 after purchasing an additional 5,550 shares during the last quarter. FORA Capital LLC bought a new position in shares of Avidity Biosciences in the 4th quarter valued at $546,000. Finally, Deutsche Bank AG increased its stake in shares of Avidity Biosciences by 18.6% in the 4th quarter. Deutsche Bank AG now owns 193,586 shares of the biotechnology company's stock valued at $5,629,000 after purchasing an additional 30,340 shares during the last quarter.

Insiders Place Their Bets

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at $1,406,917.82. The trade was a 10.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sarah Boyce sold 31,540 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were 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 directly owns 305,871 shares in the company, valued at $9,500,353.26. This represents a 9.35% 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 valued at $1,877,437. 3.83% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RNA. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, April 9th. BMO Capital Markets began coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target on the stock. Royal Bank of Canada reiterated an "outperform" rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Chardan Capital reiterated a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, May 7th. Finally, 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 report on Monday, March 10th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $66.38.

Avidity Biosciences Stock Up 4.8%

RNA traded up $1.38 during midday trading on Friday, hitting $30.35. 1,342,137 shares of the company were exchanged, compared to its average volume of 1,437,864. The firm has a market capitalization of $3.66 billion, a P/E ratio of -10.54 and a beta of 1.00. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $56.00. The firm's 50 day moving average price is $29.22 and its 200-day moving average price is $32.87.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

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.