Moss Adams Wealth Advisors LLC Reduces Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Moss Adams Wealth Advisors LLC decreased its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 41.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,496 shares of the biotechnology company's stock after selling 15,717 shares during the period. Moss Adams Wealth Advisors LLC's holdings in Avidity Biosciences were worth $1,033,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Concurrent Investment Advisors LLC acquired a new stake in shares of Avidity Biosciences in the 1st quarter valued at $664,000. D. E. Shaw & Co. Inc. grew its position in Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock worth $30,190,000 after acquiring an additional 707,773 shares during the last quarter. Sofinnova Investments Inc. bought a new stake in Avidity Biosciences during the 2nd quarter worth about $875,000. Darwin Global Management Ltd. bought a new position in Avidity Biosciences in the second quarter valued at about $8,108,000. Finally, American Century Companies Inc. grew its holdings in Avidity Biosciences by 18.5% during the 2nd quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company's stock worth $6,725,000 after acquiring an additional 25,663 shares during the period.

Insider Activity at Avidity Biosciences

In other news, CEO Sarah Boyce sold 28,000 shares of the business's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the completion of the sale, the chief executive officer now owns 205,043 shares of the company's stock, valued at $8,888,614.05. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sarah Boyce sold 28,000 shares of the firm's stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the completion of the sale, the chief executive officer now directly owns 205,043 shares of the company's stock, valued at approximately $8,888,614.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $45.19, for a total transaction of $225,950.00. Following the sale, the director now owns 14,830 shares in the company, valued at approximately $670,167.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 150,543 shares of company stock valued at $6,762,692 in the last ninety days. Corporate insiders own 3.68% of the company's stock.

Avidity Biosciences Stock Up 4.0 %

RNA traded up $1.93 during mid-day trading on Friday, reaching $50.45. 1,212,022 shares of the company traded hands, compared to its average volume of 1,344,483. The company's fifty day moving average price is $44.33 and its 200-day moving average price is $37.32. The stock has a market capitalization of $4.82 billion, a P/E ratio of -17.10 and a beta of 0.89. Avidity Biosciences, Inc. has a 52-week low of $4.82 and a 52-week high of $50.78.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.11. The firm had revenue of $2.05 million for the quarter, compared to analysts' expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. As a group, sell-side analysts forecast that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RNA shares. Needham & Company LLC reiterated a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Tuesday, August 13th. Evercore ISI decreased their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a research note on Monday, August 26th. Barclays began coverage on Avidity Biosciences in a report on Wednesday, August 28th. They set an "overweight" rating and a $63.00 target price on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, Chardan Capital increased their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, August 9th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $60.75.

Avidity Biosciences 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.