Avidity Biosciences, Inc. (NASDAQ:RNA) Stake Reduced by Millennium Management LLC

Millennium Management LLC cut its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 25.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 125,375 shares of the biotechnology company’s stock after selling 43,216 shares during the quarter. Millennium Management LLC owned about 0.13% of Avidity Biosciences worth $5,122,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RNA. nVerses Capital LLC raised its position in Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after acquiring an additional 700 shares in the last quarter. Amalgamated Bank raised its holdings in Avidity Biosciences by 39.0% during the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after buying an additional 982 shares during the period. Nisa Investment Advisors LLC raised its holdings 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 worth $180,000 after buying an additional 1,076 shares during the period. Privium Fund Management B.V. acquired a new stake in Avidity Biosciences during the 1st quarter worth about $205,000. Finally, Janney Montgomery Scott LLC acquired a new stake in Avidity Biosciences during the 1st quarter worth about $221,000.

Insiders Place Their Bets

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $45.01, for a total transaction of $225,050.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at $667,498.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $45.01, for a total transaction of $225,050.00. Following the completion of the transaction, the director now directly owns 14,830 shares in the company, valued at $667,498.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Tamar Thompson sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $44.98, for a total value of $1,349,400.00. The disclosure for this sale can be found here. Insiders sold 130,543 shares of company stock valued at $5,774,742 over the last 90 days. 3.68% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on RNA. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Evercore ISI dropped their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Chardan Capital upped their target price on Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a report on Friday, August 9th. Barclays started coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and an average price target of $60.75.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $46.60 on Friday. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of -15.85 and a beta of 0.89. The business has a 50 day simple moving average of $43.82 and a 200 day simple moving average of $36.45. Avidity Biosciences, Inc. has a 52 week low of $4.82 and a 52 week high of $49.41.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The firm had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. On average, analysts predict that Avidity Biosciences, Inc. will post -3.01 EPS for the current 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.