Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. trimmed its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 10.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,751,944 shares of the biotechnology company's stock after selling 327,430 shares during the period. Adage Capital Partners GP L.L.C. owned 2.31% of Avidity Biosciences worth $80,027,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in RNA. Wellington Management Group LLP raised its stake in shares of Avidity Biosciences by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock worth $235,725,000 after acquiring an additional 1,075,148 shares in the last quarter. Norges Bank purchased a new position in Avidity Biosciences in the fourth quarter worth $21,077,000. Avoro Capital Advisors LLC increased its position in shares of Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock worth $218,100,000 after purchasing an additional 625,000 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Avidity Biosciences by 3.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock worth $321,127,000 after purchasing an additional 408,861 shares in the last quarter. Finally, Finepoint Capital LP purchased a new stake in shares of Avidity Biosciences during the 4th quarter valued at $11,379,000.

Avidity Biosciences Trading Down 0.3 %

Shares of NASDAQ RNA traded down $0.09 during trading on Friday, reaching $30.84. 917,463 shares of the company traded hands, compared to its average volume of 1,412,174. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The stock has a market cap of $3.71 billion, a P/E ratio of -10.71 and a beta of 1.01. The firm's fifty day simple moving average is $29.28 and its 200 day simple moving average is $34.58.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.97 million for the quarter, compared to analysts' expectations of $1.74 million. As a group, research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on RNA. Chardan Capital reaffirmed a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Scotiabank initiated coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price objective on the stock. Bank of America lowered their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 10th. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $66.69.

Insider Activity at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 7,935 shares of the company's stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 96,720 shares of the company's stock, valued at $3,004,123.20. This represents a 7.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now owns 50,554 shares in the company, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,803 shares of company stock worth $1,876,027 in the last three months. Company insiders own 3.68% of the company's stock.

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.