ProShare Advisors LLC Sells 1,722 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

ProShare Advisors LLC reduced its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 9.1% in the second quarter, Holdings Channel reports. The firm owned 17,156 shares of the biotechnology company’s stock after selling 1,722 shares during the quarter. ProShare Advisors LLC’s holdings in Avidity Biosciences were worth $701,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Avoro Capital Advisors LLC lifted its holdings in shares of Avidity Biosciences by 132.1% during the first quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock valued at $148,654,000 after purchasing an additional 3,315,000 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Avidity Biosciences by 4,661.3% in the 1st quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after buying an additional 1,216,730 shares in the last quarter. RA Capital Management L.P. raised its position in Avidity Biosciences by 33.7% in the 1st quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after buying an additional 827,647 shares during the last quarter. Farallon Capital Management LLC bought a new position in Avidity Biosciences during the 1st quarter valued at about $15,467,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Avidity Biosciences by 7.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock valued at $189,592,000 after acquiring an additional 516,446 shares during the last quarter.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RNA shares. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Tuesday, August 13th. Bank of America boosted their target price on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Barclays began coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective for the company. Finally, Evercore ISI dropped their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has a consensus rating of “Buy” and a consensus target price of $60.75.

Insider Transactions at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction 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 completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $667,498.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 69,018 shares of the company’s stock, valued at approximately $3,036,792. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction on Friday, July 19th. The stock was 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 directly owns 14,830 shares in the company, valued at approximately $667,498.30. 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 over the last three months. Corporate insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Up 0.4 %

NASDAQ RNA opened at $42.33 on Monday. Avidity Biosciences, Inc. has a 52 week low of $4.82 and a 52 week high of $48.80. The company has a market capitalization of $4.65 billion, a P/E ratio of -14.35 and a beta of 0.89. The stock’s 50-day moving average price is $43.62 and its 200-day moving average price is $35.05.

Avidity Biosciences (NASDAQ:RNA) last released its 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. 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 during the quarter, compared to analyst estimates of $7.09 million. Research analysts anticipate that Avidity Biosciences, Inc. will post -3.01 EPS for the current year.

About Avidity Biosciences

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.