Dimensional Fund Advisors LP Reduces Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Dimensional Fund Advisors LP reduced its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 31.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 693,066 shares of the biotechnology company’s stock after selling 317,102 shares during the period. Dimensional Fund Advisors LP owned 0.72% of Avidity Biosciences worth $28,311,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Concurrent Investment Advisors LLC bought a new stake in Avidity Biosciences during the first quarter worth approximately $664,000. American Century Companies Inc. grew its holdings 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 valued at $6,725,000 after acquiring an additional 25,663 shares in the last quarter. Bayesian Capital Management LP bought a new stake in Avidity Biosciences in the first quarter worth $949,000. Sei Investments Co. boosted its holdings in Avidity Biosciences by 15.4% in the first quarter. Sei Investments Co. now owns 36,635 shares of the biotechnology company’s stock worth $935,000 after purchasing an additional 4,881 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Avidity Biosciences in the first quarter valued at about $221,000.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $47.12 on Thursday. The stock has a market capitalization of $5.17 billion, a PE ratio of -15.97 and a beta of 0.89. The business has a fifty day moving average price of $43.72 and a two-hundred day moving average price of $35.46. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $49.41.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, topping 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 company had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. On average, equities analysts expect that Avidity Biosciences, Inc. will post -3.01 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on RNA shares. Chardan Capital increased their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Evercore ISI lowered their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th. Bank of America lifted their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, Barclays began 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. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $60.75.

Insiders Place Their Bets

In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 205,043 shares in the company, valued at approximately $8,187,366.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $39.93, for a total transaction of $1,118,040.00. Following the sale, the chief executive officer now owns 205,043 shares in the company, valued at approximately $8,187,366.99. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 13,153 shares of the company’s 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 in the company, valued at $3,036,792. The disclosure for this sale can be found here. Insiders sold a total of 128,543 shares of company stock valued at $5,543,382 in the last 90 days. Corporate 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.