Alethea Capital Management LLC Reduces Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Alethea Capital Management LLC cut its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 15.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 427,454 shares of the biotechnology company’s stock after selling 76,050 shares during the quarter. Avidity Biosciences comprises about 14.2% of Alethea Capital Management LLC’s holdings, making the stock its 3rd largest position. Alethea Capital Management LLC owned about 0.36% of Avidity Biosciences worth $19,633,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. D. E. Shaw & Co. Inc. increased its stake in Avidity Biosciences by 2,263.7% in 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. FMR LLC increased its stake in Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after acquiring an additional 689,729 shares during the last quarter. Avoro Capital Advisors LLC increased its stake in Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock worth $265,729,000 after acquiring an additional 680,000 shares during the last quarter. Fiera Capital Corp bought a new position in Avidity Biosciences in the 3rd quarter worth about $19,805,000. Finally, Renaissance Technologies LLC bought a new position in Avidity Biosciences in the 2nd quarter worth about $15,417,000.

Analyst Ratings Changes

RNA has been the topic of several recent research reports. Evercore ISI reduced their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Barclays initiated coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. TD Cowen increased their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, The Goldman Sachs Group began coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $63.60.

Insider Buying and Selling

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at $3,867,900.52. The trade was a 21.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Arthur A. Levin sold 3,323 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total value of $139,964.76. Following the sale, the director now directly owns 14,830 shares in the company, valued at $624,639.60. The trade was a 18.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,866 shares of company stock worth $6,724,557. Corporate insiders own 3.68% of the company’s stock.

Avidity Biosciences Trading Down 0.7 %

NASDAQ RNA opened at $43.03 on Friday. The business’s fifty day moving average is $45.44 and its 200 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) last announced its quarterly earnings data 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 business had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current fiscal year.

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.