Algert Global LLC Reduces Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Algert Global LLC reduced its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 10.1% during the third quarter, Holdings Channel.com reports. The firm owned 38,253 shares of the biotechnology company’s stock after selling 4,310 shares during the period. Algert Global LLC’s holdings in Avidity Biosciences were worth $1,757,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences in the third quarter worth about $30,000. Values First Advisors Inc. bought a new stake in shares of Avidity Biosciences in the 3rd quarter worth approximately $32,000. Quarry LP increased its stake in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,700 shares during the period. Quest Partners LLC raised its holdings in shares of Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after acquiring an additional 1,392 shares in the last quarter. Finally, nVerses Capital LLC lifted its stake in Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after acquiring an additional 700 shares during the period.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. The trade was a 25.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $3,867,900.52. The trade was a 21.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 150,866 shares of company stock worth $6,724,557. Corporate insiders own 3.68% of the company’s stock.

Avidity Biosciences Trading Down 1.1 %

Shares of NASDAQ:RNA opened at $43.33 on Thursday. The stock has a fifty day simple moving average of $45.54 and a two-hundred day simple moving average of $41.26. Avidity Biosciences, Inc. has a 12-month low of $6.60 and a 12-month high of $56.00. The stock has a market capitalization of $5.17 billion, a price-to-earnings ratio of -15.05 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -2.84 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on RNA shares. Barclays assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Evercore ISI decreased their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Royal Bank of Canada started coverage on Avidity Biosciences in a research report on Tuesday. They set an “outperform” rating and a $67.00 price objective on the stock. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 target price for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $63.60.

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.