Koa Wealth Management LLC Sells 3,000 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Koa Wealth Management LLC decreased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 37.5% in the third quarter, HoldingsChannel reports. The fund owned 5,000 shares of the biotechnology company’s stock after selling 3,000 shares during the quarter. Koa Wealth Management LLC’s holdings in Avidity Biosciences were worth $230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of RNA. Victory Capital Management Inc. grew its holdings in Avidity Biosciences by 52.1% during the third quarter. Victory Capital Management Inc. now owns 33,184 shares of the biotechnology company’s stock valued at $1,524,000 after purchasing an additional 11,367 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of Avidity Biosciences during the 3rd quarter valued at about $660,000. State of New Jersey Common Pension Fund D purchased a new stake in Avidity Biosciences in the 3rd quarter worth approximately $2,062,000. Colonial River Investments LLC bought a new stake in Avidity Biosciences during the 3rd quarter worth approximately $283,000. Finally, Axxcess Wealth Management LLC bought a new stake in Avidity Biosciences during the 3rd quarter worth approximately $283,000.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RNA shares. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday. TD Cowen increased their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. The Goldman Sachs Group started coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Evercore ISI dropped their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Finally, Barclays initiated 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. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $63.22.

Insider Activity at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $46.63, for a total value of $233,150.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at approximately $691,522.90. This trade represents a 25.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction dated Monday, September 23rd. The stock was 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 in the company, valued at $3,036,792. This trade represents a 16.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 127,543 shares of company stock valued at $5,782,042 over the last 90 days. 3.68% of the stock is owned by corporate insiders.

Avidity Biosciences Trading Down 15.6 %

NASDAQ:RNA opened at $42.18 on Friday. The business’s 50-day moving average is $45.26 and its 200 day moving average is $40.20. Avidity Biosciences, Inc. has a 12 month low of $5.68 and a 12 month high of $56.00. The company has a market capitalization of $5.03 billion, a P/E ratio of -14.65 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data 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. The business had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, research analysts forecast that Avidity Biosciences, Inc. will post -2.85 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.