Cinctive Capital Management LP Trims Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Cinctive Capital Management LP reduced its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 43.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,554 shares of the biotechnology company’s stock after selling 35,808 shares during the period. Cinctive Capital Management LP’s holdings in Avidity Biosciences were worth $2,184,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. FMR LLC raised its position in Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after purchasing an additional 689,729 shares during the period. Avoro Capital Advisors LLC raised its holdings in Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after buying an additional 680,000 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Avidity Biosciences by 24.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock valued at $45,479,000 after buying an additional 197,065 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its stake in Avidity Biosciences by 2,263.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after buying an additional 707,773 shares during the period. Finally, TD Asset Management Inc boosted its stake in Avidity Biosciences by 140.7% during the second quarter. TD Asset Management Inc now owns 513,338 shares of the biotechnology company’s stock worth $20,970,000 after buying an additional 300,054 shares during the period.

Avidity Biosciences Trading Down 4.0 %

Shares of RNA opened at $41.30 on Tuesday. Avidity Biosciences, Inc. has a 1 year low of $6.79 and a 1 year high of $56.00. The stock has a 50-day simple moving average of $45.44 and a 200-day simple moving average of $41.58.

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

Insider Buying and Selling

In other news, Director Arthur A. Levin sold 3,323 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total transaction of $139,964.76. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at approximately $624,639.60. The trade was a 18.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction 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 completion of 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 150,866 shares of company stock worth $6,724,557. Corporate insiders own 3.68% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Evercore ISI decreased their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Royal Bank of Canada started coverage on Avidity Biosciences in a research note on Tuesday, November 26th. They set an “outperform” rating and a $67.00 price target on the stock. TD Cowen lifted their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Barclays started coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price on the stock. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $63.60.

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.