Envestnet Asset Management Inc. Sells 3,707 Shares of Avidity Biosciences, Inc. $RNA

Envestnet Asset Management Inc. reduced its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 5.4% during the second quarter, HoldingsChannel reports. The fund owned 65,558 shares of the biotechnology company’s stock after selling 3,707 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Avidity Biosciences were worth $1,862,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Avidity Biosciences by 2.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,338,098 shares of the biotechnology company’s stock worth $334,701,000 after purchasing an additional 295,275 shares in the last quarter. Wellington Management Group LLP grew its stake in Avidity Biosciences by 19.5% in the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company’s stock valued at $285,888,000 after buying an additional 1,578,459 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in Avidity Biosciences by 3.5% during the 1st quarter. Driehaus Capital Management LLC now owns 1,270,931 shares of the biotechnology company’s stock valued at $37,518,000 after acquiring an additional 42,873 shares during the period. Goldman Sachs Group Inc. raised its holdings in Avidity Biosciences by 2.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock valued at $23,164,000 after acquiring an additional 21,649 shares during the period. Finally, Fiera Capital Corp lifted its position in shares of Avidity Biosciences by 92.5% during the first quarter. Fiera Capital Corp now owns 772,300 shares of the biotechnology company’s stock worth $22,798,000 after acquiring an additional 371,121 shares in the last quarter.

Avidity Biosciences Trading Up 0.2%

Shares of RNA opened at $70.85 on Wednesday. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $71.09. The company has a market cap of $10.68 billion, a PE ratio of -16.95 and a beta of 0.97. The stock has a 50-day moving average price of $53.81 and a 200-day moving average price of $42.07.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The company had revenue of $12.48 million during the quarter, compared to analysts’ expectations of $1.80 million. The firm’s quarterly revenue was up 420.8% compared to the same quarter last year. As a group, analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RNA shares. Bank of America lifted their price target on Avidity Biosciences from $56.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Loop Capital set a $72.00 price target on Avidity Biosciences in a research report on Tuesday, October 28th. Evercore ISI lowered their price target on shares of Avidity Biosciences from $70.00 to $65.00 and set an “outperform” rating on the stock in a report on Monday, September 22nd. HC Wainwright lowered shares of Avidity Biosciences from a “buy” rating to a “neutral” rating and cut their price objective for the company from $87.00 to $72.00 in a research report on Monday, October 27th. Finally, Needham & Company LLC cut shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price objective for the company. in a research note on Monday, October 27th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $69.24.

Insider Activity

In other news, insider Eric Mosbrooker sold 6,562 shares of Avidity Biosciences stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $45.38, for a total transaction of $297,783.56. Following the completion of the sale, the insider directly owned 55,000 shares of the company’s stock, valued at approximately $2,495,900. The trade was a 10.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Troy Edward Wilson sold 29,500 shares of the company’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $50.00, for a total transaction of $1,475,000.00. Following the completion of the transaction, the director owned 54,425 shares of the company’s stock, valued at $2,721,250. This trade represents a 35.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 144,438 shares of company stock worth $7,122,937. Corporate insiders own 3.83% of the company’s stock.

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.