Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. decreased its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 30.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,640 shares of the biotechnology company’s stock after selling 2,857 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Avidity Biosciences were worth $271,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC lifted its holdings in shares of Avidity Biosciences by 456.9% in the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after purchasing an additional 2,714 shares in the last quarter. nVerses Capital LLC boosted its position in Avidity Biosciences by 25.9% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after acquiring an additional 700 shares during the period. Nisa Investment Advisors LLC grew its stake in Avidity Biosciences by 32.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after acquiring an additional 1,076 shares in the last quarter. Privium Fund Management B.V. acquired a new position in shares of Avidity Biosciences in the 1st quarter valued at about $205,000. Finally, Quest Partners LLC purchased a new stake in shares of Avidity Biosciences in the fourth quarter worth approximately $211,000.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Evercore ISI dropped their price objective 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. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday. Bank of America lifted their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Barclays assumed coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $61.00.

Avidity Biosciences Price Performance

RNA opened at $44.63 on Thursday. The business has a 50-day moving average of $43.79 and a 200-day moving average of $33.83. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $48.80. The company has a market capitalization of $4.27 billion, a PE ratio of -15.13 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The business had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $39.93, for a total value of $1,118,040.00. Following the transaction, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at approximately $8,187,366.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $45.19, for a total value of $225,950.00. Following the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $670,167.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $39.93, for a total value of $1,118,040.00. Following the completion of the sale, the chief executive officer now directly owns 205,043 shares in the company, valued at approximately $8,187,366.99. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,000 shares of company stock valued at $2,782,840. Corporate insiders own 3.68% of the company’s stock.

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.