Algert Global LLC Sells 4,310 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Algert Global LLC cut its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 10.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,253 shares of the biotechnology company’s stock after selling 4,310 shares during the period. Algert Global LLC’s holdings in Avidity Biosciences were worth $1,757,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Nwam LLC raised its position in Avidity Biosciences by 24.0% in the third quarter. Nwam LLC now owns 29,662 shares of the biotechnology company’s stock worth $1,362,000 after acquiring an additional 5,746 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Avidity Biosciences by 24.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after purchasing an additional 197,065 shares during the period. Landscape Capital Management L.L.C. purchased a new position in Avidity Biosciences in the third quarter valued at approximately $265,000. Intech Investment Management LLC bought a new position in Avidity Biosciences during the third quarter valued at $1,701,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Avidity Biosciences by 3,836.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,025 shares of the biotechnology company’s stock worth $9,968,000 after buying an additional 211,512 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RNA. Royal Bank of Canada began coverage on Avidity Biosciences in a research note on Tuesday. They set an “outperform” rating and a $67.00 price target for the company. Barclays started coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price for the company. TD Cowen boosted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $63.60.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the transaction, the insider now directly owns 94,018 shares in the company, valued at $3,867,900.52. This trade represents a 21.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total transaction of $228,650.00. Following the transaction, the director now directly owns 14,830 shares in the company, valued at $678,175.90. This trade represents a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 150,866 shares of company stock valued at $6,724,557 in the last quarter. Insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $43.33 on Thursday. Avidity Biosciences, Inc. has a 52-week low of $6.60 and a 52-week high of $56.00. The stock has a fifty day moving average of $45.54 and a 200 day moving average of $41.26. The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of -15.05 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. The company had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Equities analysts forecast that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current fiscal 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.