E Fund Management Co. Ltd. Trims Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

E Fund Management Co. Ltd. lessened its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 38.2% during the 4th quarter, Holdings Channel reports. The firm owned 10,476 shares of the biotechnology company’s stock after selling 6,489 shares during the period. E Fund Management Co. Ltd.’s holdings in Avidity Biosciences were worth $95,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RNA. Adage Capital Partners GP L.L.C. grew its holdings in Avidity Biosciences by 73.3% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,300,000 shares of the biotechnology company’s stock valued at $8,294,000 after purchasing an additional 550,000 shares during the last quarter. FMR LLC lifted its holdings in Avidity Biosciences by 4.6% during the third quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company’s stock worth $70,910,000 after buying an additional 491,567 shares during the period. GSA Capital Partners LLP grew its stake in Avidity Biosciences by 491.7% in the third quarter. GSA Capital Partners LLP now owns 339,679 shares of the biotechnology company’s stock valued at $2,167,000 after purchasing an additional 282,270 shares during the last quarter. TD Asset Management Inc lifted its position in Avidity Biosciences by 100.0% during the third quarter. TD Asset Management Inc now owns 267,732 shares of the biotechnology company’s stock valued at $1,708,000 after acquiring an additional 133,866 shares during the last quarter. Finally, abrdn plc purchased a new stake in shares of Avidity Biosciences during the fourth quarter worth about $1,171,000.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 84,000 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $21.39, for a total value of $1,796,760.00. Following the completion of the transaction, the chief executive officer now owns 112,117 shares in the company, valued at $2,398,182.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction on Friday, April 19th. The shares were sold at an average price of $22.82, for a total value of $114,100.00. Following the transaction, the director now directly owns 14,830 shares in the company, valued at approximately $338,420.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sarah Boyce sold 84,000 shares of Avidity Biosciences stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the completion of the sale, the chief executive officer now directly owns 112,117 shares in the company, valued at approximately $2,398,182.63. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 232,641 shares of company stock valued at $5,391,551. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Chardan Capital reissued a “buy” rating and issued a $23.00 price objective on shares of Avidity Biosciences in a report on Thursday, February 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $35.00 price target on shares of Avidity Biosciences in a report on Friday. Bank of America began coverage on shares of Avidity Biosciences in a research report on Friday, May 3rd. They issued a “buy” rating and a $40.00 target price on the stock. Finally, Cantor Fitzgerald assumed coverage on Avidity Biosciences in a research report on Thursday, March 14th. They set an “overweight” rating and a $60.00 price target for the company. Seven 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 $36.86.

Avidity Biosciences Trading Down 2.4 %

RNA stock traded down $0.64 during midday trading on Friday, hitting $26.46. 59,421 shares of the company’s stock were exchanged, compared to its average volume of 1,119,867. The stock has a market capitalization of $2.53 billion, a PE ratio of -9.34 and a beta of 0.79. The business has a 50-day simple moving average of $24.09 and a two-hundred day simple moving average of $14.49. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $27.66.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.54) by ($0.25). Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. The business had revenue of $2.19 million during the quarter, compared to analyst estimates of $32.08 million. As a group, research analysts expect that Avidity Biosciences, Inc. will post -3.07 EPS for the current fiscal 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.