Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by Alethea Capital Management LLC

Alethea Capital Management LLC lessened its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 15.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 427,454 shares of the biotechnology company's stock after selling 76,050 shares during the period. Avidity Biosciences comprises approximately 14.2% of Alethea Capital Management LLC's holdings, making the stock its 3rd biggest holding. Alethea Capital Management LLC owned about 0.36% of Avidity Biosciences worth $19,633,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in Avidity Biosciences during the 3rd quarter valued at approximately $30,000. Values First Advisors Inc. bought a new stake in Avidity Biosciences in the third quarter worth about $32,000. Quarry LP raised its holdings in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock worth $82,000 after purchasing an additional 1,700 shares in the last quarter. Quest Partners LLC lifted its position in shares of Avidity Biosciences by 217.8% during the 3rd 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 during the last quarter. Finally, nVerses Capital LLC lifted its holdings in shares of Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company's stock valued at $139,000 after purchasing an additional 700 shares during the last quarter.

Analyst Ratings Changes

RNA has been the subject of a number of research reports. Royal Bank of Canada initiated coverage on Avidity Biosciences in a research report on Tuesday, November 26th. They set an "outperform" rating and a $67.00 price objective for the company. Chardan Capital reaffirmed a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Barclays assumed coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 price objective for the company. Finally, TD Cowen boosted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $63.60.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the sale, the chief executive officer now directly owns 234,663 shares in the company, valued at $10,325,172. This represents a 12.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00. Following the transaction, the insider now owns 94,018 shares in the company, valued at $4,561,753.36. This trade represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 150,866 shares of company stock worth $6,724,557. 3.68% of the stock is owned by insiders.

Avidity Biosciences Price Performance

Shares of RNA stock traded down $0.30 during trading hours on Friday, reaching $43.03. 451,828 shares of the company were exchanged, compared to its average volume of 1,170,610. The company has a market cap of $5.13 billion, a price-to-earnings ratio of -14.94 and a beta of 0.91. The stock's fifty day moving average is $45.44 and its two-hundred day moving average is $41.50. Avidity Biosciences, Inc. has a fifty-two week low of $6.79 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.14. 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 $2.34 million for the quarter, compared to analyst estimates of $7.09 million. On average, research analysts anticipate that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current year.

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.