Daiwa Securities Group Inc. Has $85,000 Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Daiwa Securities Group Inc. lowered its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 79.0% in the second quarter, Holdings Channel reports. The institutional investor owned 2,092 shares of the biotechnology company’s stock after selling 7,889 shares during the period. Daiwa Securities Group Inc.’s holdings in Avidity Biosciences were worth $85,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Concurrent Investment Advisors LLC bought a new stake in Avidity Biosciences in the first quarter valued at about $664,000. Bayesian Capital Management LP bought a new stake in Avidity Biosciences in the first quarter valued at about $949,000. Sei Investments Co. increased its stake in Avidity Biosciences by 15.4% in the first quarter. Sei Investments Co. now owns 36,635 shares of the biotechnology company’s stock valued at $935,000 after acquiring an additional 4,881 shares during the period. Lighthouse Investment Partners LLC bought a new stake in Avidity Biosciences in the fourth quarter valued at about $592,000. Finally, Janney Montgomery Scott LLC bought a new stake in Avidity Biosciences in the first quarter valued at about $221,000.

Avidity Biosciences Trading Up 1.1 %

Shares of RNA stock opened at $42.19 on Wednesday. Avidity Biosciences, Inc. has a 1 year low of $4.82 and a 1 year high of $48.80. The firm’s 50 day moving average is $43.75 and its 200-day moving average is $33.75. The firm has a market capitalization of $4.03 billion, a price-to-earnings ratio of -14.30 and a beta of 0.89.

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. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. The company had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. On average, equities research analysts forecast that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RNA has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Chardan Capital upped their price objective 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. Bank of America upped their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday. Finally, Evercore ISI decreased 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. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $61.00.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 28,000 shares of the 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 transaction, the chief executive officer now directly owns 205,043 shares in the company, valued at $8,187,366.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sarah Boyce sold 28,000 shares of the 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 transaction, the chief executive officer now directly owns 205,043 shares in the company, valued at $8,187,366.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were 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 owns 14,830 shares in the company, valued at $667,498.30. The disclosure for this sale can be found here. Insiders have sold 71,000 shares of company stock worth $2,970,790 over the last ninety days. Company 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.