US Bancorp DE Sells 53,154 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

US Bancorp DE trimmed its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 91.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,244 shares of the biotechnology company's stock after selling 53,154 shares during the period. US Bancorp DE's holdings in Avidity Biosciences were worth $241,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in RNA. D. E. Shaw & Co. Inc. raised its stake 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 valued at $30,190,000 after buying an additional 707,773 shares during the last quarter. Sofinnova Investments Inc. bought a new position in shares of Avidity Biosciences during the second quarter valued at approximately $875,000. Darwin Global Management Ltd. acquired a new stake in Avidity Biosciences in the second quarter valued at approximately $8,108,000. American Century Companies Inc. lifted its stake in shares of Avidity Biosciences by 18.5% during the second quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company's stock worth $6,725,000 after buying an additional 25,663 shares during the period. Finally, Bayesian Capital Management LP purchased a new position in shares of Avidity Biosciences during the first quarter worth $949,000.

Analysts Set New Price Targets

RNA has been the topic of a number of research analyst reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a "buy" rating and a $59.00 price objective for the company. TD Cowen raised their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Chardan Capital restated a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday. Finally, Needham & Company LLC restated a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday. Nine analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $63.22.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Teresa Mccarthy sold 25,000 shares of the 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 completion of the sale, the insider now owns 94,018 shares in the company, valued at $4,561,753.36. This represents a 21.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the transaction, the chief executive officer now owns 234,663 shares of the company's stock, valued at approximately $10,325,172. The trade was a 12.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 127,543 shares of company stock valued at $5,782,042 in the last ninety days. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock traded down $2.53 during trading on Thursday, hitting $49.97. 1,763,022 shares of the company's stock traded hands, compared to its average volume of 1,317,289. The company has a market cap of $5.96 billion, a PE ratio of -18.23 and a beta of 0.91. Avidity Biosciences, Inc. has a twelve month low of $5.68 and a twelve month high of $56.00. The firm's fifty day moving average price is $45.04 and its 200 day moving average price is $40.01.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million during 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 research analysts anticipate that Avidity Biosciences, Inc. will post -2.91 earnings per share for the current year.

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.