Polar Capital Holdings Plc Sells 270,235 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Polar Capital Holdings Plc cut its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 17.5% during the fourth quarter, Holdings Channel reports. The fund owned 1,271,891 shares of the biotechnology company’s stock after selling 270,235 shares during the quarter. Polar Capital Holdings Plc’s holdings in Avidity Biosciences were worth $36,987,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its holdings in shares of Avidity Biosciences by 3.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company’s stock valued at $321,127,000 after purchasing an additional 408,861 shares during the last quarter. Vanguard Group Inc. raised its holdings in Avidity Biosciences by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock valued at $274,280,000 after acquiring an additional 205,027 shares during the period. Wellington Management Group LLP lifted its position in Avidity Biosciences by 15.3% during the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock worth $235,725,000 after acquiring an additional 1,075,148 shares during the last quarter. Avoro Capital Advisors LLC lifted its position in Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock worth $218,100,000 after acquiring an additional 625,000 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of Avidity Biosciences by 44.1% during the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock worth $205,134,000 after acquiring an additional 2,156,844 shares during the period.

Insider Buying and Selling

In other Avidity Biosciences news, CFO Michael F. Maclean sold 7,935 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $246,461.10. Following the sale, the chief financial officer now owns 96,720 shares of the company’s stock, valued at approximately $3,004,123.20. The trade was a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the transaction, the insider now owns 50,554 shares of the company’s stock, valued at $1,406,917.82. The trade was a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,803 shares of company stock worth $1,877,437 in the last ninety days. 3.68% of the stock is owned by insiders.

Avidity Biosciences Trading Down 5.0%

Shares of Avidity Biosciences stock opened at $28.40 on Thursday. The company has a market cap of $3.42 billion, a PE ratio of -9.86 and a beta of 1.00. The company has a 50 day moving average of $29.23 and a 200-day moving average of $33.15. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. Research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. HC Wainwright dropped their target price on Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a report on Monday. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price for the company. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, May 7th. Finally, Barclays dropped their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $66.38.

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.