Hsbc Holdings PLC Has $561,000 Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Hsbc Holdings PLC decreased its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 9.1% in the second quarter, HoldingsChannel reports. The institutional investor owned 13,725 shares of the biotechnology company’s stock after selling 1,380 shares during the period. Hsbc Holdings PLC’s holdings in Avidity Biosciences were worth $561,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Arizona State Retirement System lifted its position in shares of Avidity Biosciences by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after buying an additional 405 shares during the period. nVerses Capital LLC lifted its holdings in shares of Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after acquiring an additional 700 shares during the period. State Board of Administration of Florida Retirement System boosted its stake in shares of Avidity Biosciences by 4.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock valued at $541,000 after purchasing an additional 920 shares in the last quarter. Amalgamated Bank boosted its stake in shares of Avidity Biosciences by 39.0% in the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 982 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Avidity Biosciences by 32.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after purchasing an additional 1,076 shares during the last quarter.

Insider Transactions at Avidity Biosciences

In related news, 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 value of $225,050.00. Following the transaction, the director now directly owns 14,830 shares in the company, valued at $667,498.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the firm’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 transaction, the chief executive officer now owns 205,043 shares in the company, valued at $8,187,366.99. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $45.01, for a total value of $225,050.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at $667,498.30. The disclosure for this sale can be found here. Insiders sold a total of 128,543 shares of company stock worth $5,543,382 in the last quarter. 3.68% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

RNA has been the subject of several analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Evercore ISI cut their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Bank of America increased their price target on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Finally, Barclays initiated coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price for the company. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and a consensus price target of $60.75.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $45.93 on Tuesday. Avidity Biosciences, Inc. has a 52 week low of $4.82 and a 52 week high of $48.80. The stock has a market capitalization of $4.39 billion, a P/E ratio of -15.57 and a beta of 0.89. The stock has a fifty day moving average of $43.62 and a 200-day moving average of $35.20.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Equities research analysts forecast that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

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.