Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by RTW Investments LP

RTW Investments LP cut its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 7.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,132,870 shares of the biotechnology company's stock after selling 673,968 shares during the quarter. Avidity Biosciences comprises 5.4% of RTW Investments LP's investment portfolio, making the stock its 3rd biggest position. RTW Investments LP owned about 6.82% of Avidity Biosciences worth $373,543,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Janus Henderson Group PLC increased its stake in shares of Avidity Biosciences by 33.9% in the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company's stock worth $224,774,000 after acquiring an additional 1,239,323 shares during the last quarter. D. E. Shaw & Co. Inc. grew its holdings in shares of Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock valued at $30,190,000 after purchasing an additional 707,773 shares during the period. FMR LLC increased its position in Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock worth $773,864,000 after purchasing an additional 689,729 shares during the last quarter. Avoro Capital Advisors LLC raised its stake in Avidity Biosciences by 11.7% during the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company's stock worth $265,729,000 after purchasing an additional 680,000 shares during the period. Finally, Fiera Capital Corp acquired a new position in Avidity Biosciences in the 3rd quarter valued at about $19,805,000.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the sale, the insider now directly owns 69,018 shares of the company's stock, valued at approximately $3,036,792. This represents a 16.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Arthur A. Levin sold 3,323 shares of the business's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total transaction of $139,964.76. Following the transaction, the director now owns 14,830 shares of the company's stock, valued at approximately $624,639.60. The trade was a 18.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 150,866 shares of company stock valued at $6,724,557 in the last quarter. Corporate insiders own 3.68% of the company's stock.

Avidity Biosciences Stock Down 2.8 %

NASDAQ:RNA traded down $1.05 on Thursday, reaching $36.88. 1,188,839 shares of the company's stock were exchanged, compared to its average volume of 1,305,257. The firm has a market capitalization of $4.40 billion, a price-to-earnings ratio of -13.17 and a beta of 0.89. Avidity Biosciences, Inc. has a 52-week low of $6.79 and a 52-week high of $56.00. The business has a fifty day moving average of $45.13 and a 200-day moving average of $41.71.

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

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. TD Cowen lifted their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Barclays started coverage on Avidity Biosciences in a report on Wednesday, August 28th. They set an "overweight" rating and a $63.00 price target for the company. Evercore ISI reduced their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, August 26th. Finally, The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a "buy" rating and a $59.00 target price for the company. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences has a consensus rating of "Buy" and an average target price of $63.60.

Avidity Biosciences Company 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.