Cinctive Capital Management LP Sells 35,808 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Cinctive Capital Management LP decreased its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 43.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,554 shares of the biotechnology company's stock after selling 35,808 shares during the quarter. Cinctive Capital Management LP's holdings in Avidity Biosciences were worth $2,184,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Fred Alger Management LLC boosted its holdings in Avidity Biosciences by 10.8% in the 3rd quarter. Fred Alger Management LLC now owns 17,320 shares of the biotechnology company's stock valued at $796,000 after purchasing an additional 1,695 shares during the period. Verition Fund Management LLC boosted its stake in shares of Avidity Biosciences by 175.7% in the third quarter. Verition Fund Management LLC now owns 20,416 shares of the biotechnology company's stock valued at $938,000 after buying an additional 13,011 shares during the period. PEAK6 Investments LLC raised its holdings in Avidity Biosciences by 4.9% in the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company's stock valued at $337,000 after acquiring an additional 343 shares in the last quarter. MetLife Investment Management LLC lifted its stake in Avidity Biosciences by 6.9% during the third quarter. MetLife Investment Management LLC now owns 62,364 shares of the biotechnology company's stock worth $2,864,000 after purchasing an additional 4,017 shares during the last quarter. Finally, Advantage Alpha Capital Partners LP bought a new position in Avidity Biosciences in the 3rd quarter valued at approximately $471,000.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. TD Cowen raised their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. Royal Bank of Canada started coverage on shares of Avidity Biosciences in a research note on Tuesday, November 26th. They set an "outperform" rating and a $67.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a "buy" rating and a $59.00 price objective for the company. Finally, Chardan Capital restated a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences currently has an average rating of "Buy" and a consensus price target of $63.60.

Insider Transactions at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the sale, the insider now owns 94,018 shares of the company's stock, valued at approximately $4,561,753.36. This represents a 21.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 3,323 shares of the company's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total value of $139,964.76. Following the sale, the director now owns 14,830 shares in the company, valued at approximately $624,639.60. This represents a 18.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 150,866 shares of company stock worth $6,724,557 over the last quarter. Corporate insiders own 3.68% of the company's stock.

Avidity Biosciences Price Performance

Avidity Biosciences stock traded down $1.82 during trading on Tuesday, hitting $39.48. The stock had a trading volume of 593,584 shares, compared to its average volume of 1,300,520. The stock's 50 day moving average is $45.44 and its two-hundred day moving average is $41.58. Avidity Biosciences, Inc. has a 1 year low of $6.79 and a 1 year high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly 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. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.84 EPS 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.