Mirador Capital Partners LP Cuts Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Mirador Capital Partners LP lowered its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 16.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,631 shares of the biotechnology company’s stock after selling 4,867 shares during the period. Mirador Capital Partners LP’s holdings in Avidity Biosciences were worth $745,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in RNA. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences during the 3rd quarter worth $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences during the third quarter valued at about $30,000. Values First Advisors Inc. bought a new stake in shares of Avidity Biosciences in the 3rd quarter valued at about $32,000. Quarry LP grew its position in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after buying an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC raised its stake in shares of Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares in the last quarter.

Wall Street Analyst Weigh In

RNA has been the subject of several recent analyst reports. HC Wainwright restated a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research note on Friday, January 10th. The Goldman Sachs Group started coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. TD Cowen raised their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Royal Bank of Canada started coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $65.80.

Avidity Biosciences Stock Performance

Shares of RNA opened at $28.40 on Thursday. The stock has a 50 day moving average price of $37.03 and a 200 day moving average price of $41.59. The stock has a market capitalization of $3.39 billion, a price-to-earnings ratio of -9.86 and a beta of 0.99. Avidity Biosciences, Inc. has a one year low of $9.93 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. On average, analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In other news, insider W. Michael Flanagan sold 12,742 shares of Avidity Biosciences stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the transaction, the insider now owns 72,647 shares in the company, valued at $2,372,651.02. The trade was a 14.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur A. Levin sold 3,323 shares of the company’s stock in a transaction dated 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 directly owns 14,830 shares of the company’s stock, valued at $624,639.60. This represents a 18.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 138,071 shares of company stock worth $4,912,324 in the last ninety days. Insiders own 3.68% of the company’s stock.

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.