Nisa Investment Advisors LLC Sells 934 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Nisa Investment Advisors LLC cut its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 21.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 3,465 shares of the biotechnology company’s stock after selling 934 shares during the period. Nisa Investment Advisors LLC’s holdings in Avidity Biosciences were worth $159,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Concurrent Investment Advisors LLC acquired a new position in shares of Avidity Biosciences during the 1st quarter worth about $664,000. D. E. Shaw & Co. Inc. increased its position in Avidity Biosciences by 2,263.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after buying an additional 707,773 shares during the last quarter. Sofinnova Investments Inc. acquired a new position in Avidity Biosciences during the second quarter worth approximately $875,000. Darwin Global Management Ltd. bought a new stake in Avidity Biosciences in the second quarter valued at approximately $8,108,000. Finally, American Century Companies Inc. lifted its position in shares of Avidity Biosciences by 18.5% in the second quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company’s stock valued at $6,725,000 after buying an additional 25,663 shares during the last quarter.

Avidity Biosciences Stock Up 4.8 %

NASDAQ RNA opened at $47.24 on Thursday. The firm has a 50-day moving average price of $44.43 and a two-hundred day moving average price of $39.13. Avidity Biosciences, Inc. has a 12-month low of $5.15 and a 12-month high of $50.78. The company has a market capitalization of $5.19 billion, a P/E ratio of -15.41 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The business had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Equities analysts expect that Avidity Biosciences, Inc. will post -2.94 EPS for the current year.

Insider Activity

In related news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $46.63, for a total value of $233,150.00. Following the transaction, the director now owns 14,830 shares in the company, valued at approximately $691,522.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the transaction, the chief executive officer now directly owns 234,663 shares in the company, valued at $10,325,172. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $46.63, for a total value of $233,150.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at approximately $691,522.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 127,543 shares of company stock worth $5,782,042. 3.68% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on RNA. Chardan Capital boosted their target price on Avidity Biosciences from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Thursday, October 31st. Barclays initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price for the company. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Finally, TD Cowen raised their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $63.22.

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.