SG Americas Securities LLC Sells 83,604 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

SG Americas Securities LLC cut its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 86.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 12,675 shares of the biotechnology company’s stock after selling 83,604 shares during the period. SG Americas Securities LLC’s holdings in Avidity Biosciences were worth $582,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Concurrent Investment Advisors LLC bought a new stake in shares of Avidity Biosciences in the 1st quarter worth $664,000. D. E. Shaw & Co. Inc. grew its position 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 purchasing an additional 707,773 shares in the last quarter. Sofinnova Investments Inc. purchased a new stake in Avidity Biosciences in the 2nd quarter valued at about $875,000. Darwin Global Management Ltd. purchased a new stake in Avidity Biosciences in the 2nd quarter valued at about $8,108,000. Finally, American Century Companies Inc. lifted its position in shares of Avidity Biosciences by 18.5% during the 2nd 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 in the last quarter.

Analysts Set New Price Targets

RNA has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 target price 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 report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Barclays assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective on the stock. Finally, Chardan Capital raised their price target on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $60.75.

Avidity Biosciences Trading Up 0.2 %

Shares of NASDAQ RNA opened at $46.71 on Tuesday. The business has a 50-day moving average of $43.91 and a 200-day moving average of $36.77. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of -15.89 and a beta of 0.89. Avidity Biosciences, Inc. has a 12 month low of $4.82 and a 12 month high of $49.41.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.11. The firm had revenue of $2.05 million during the quarter, compared to analyst estimates 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 earnings per share for the current year.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the transaction, the insider now directly owns 69,018 shares of the company’s stock, valued at $3,036,792. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $45.01, for a total value 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 trade represents a 0.00 % 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, insider Teresa Mccarthy sold 13,153 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00. Following the transaction, the insider now directly owns 69,018 shares in the company, valued at approximately $3,036,792. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,543 shares of company stock worth $5,774,742 over the last three months. Company insiders own 3.68% of the company’s stock.

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.