Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. lessened its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 1.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,238 shares of the biotechnology company’s stock after selling 975 shares during the period. Hennion & Walsh Asset Management Inc. owned 0.07% of Avidity Biosciences worth $3,593,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Concurrent Investment Advisors LLC purchased a new stake in Avidity Biosciences in the 1st quarter valued at $664,000. D. E. Shaw & Co. Inc. increased its stake in Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after purchasing an additional 707,773 shares during the period. Sofinnova Investments Inc. purchased a new stake in shares of Avidity Biosciences in the second quarter valued at about $875,000. Darwin Global Management Ltd. acquired a new stake in shares of Avidity Biosciences during the second quarter worth about $8,108,000. Finally, American Century Companies Inc. grew its holdings in shares of Avidity Biosciences by 18.5% during the second quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company’s stock worth $6,725,000 after buying an additional 25,663 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Evercore ISI cut their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, August 26th. Finally, Barclays assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price for the company. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and a consensus target price of $62.67.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the company’s stock in a transaction 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 sale, the insider now owns 69,018 shares of the company’s stock, valued at approximately $3,036,792. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the completion of the transaction, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at $8,888,614.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 13,153 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares in the company, valued at approximately $3,036,792. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 155,543 shares of company stock valued at $6,995,842 in the last ninety days. Corporate insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Down 0.6 %

NASDAQ:RNA opened at $45.15 on Friday. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $50.78. The firm’s fifty day simple moving average is $44.47 and its 200-day simple moving average is $37.77. The stock has a market cap of $4.96 billion, a PE ratio of -15.36 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $7.09 million. Equities analysts anticipate that Avidity Biosciences, Inc. will post -3.01 earnings per share 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.