Koa Wealth Management LLC Reduces Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Koa Wealth Management LLC decreased its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 37.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 5,000 shares of the biotechnology company’s stock after selling 3,000 shares during the period. Koa Wealth Management LLC’s holdings in Avidity Biosciences were worth $230,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in RNA. Victory Capital Management Inc. raised its holdings in shares of 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 acquiring an additional 11,367 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Avidity Biosciences during the 3rd quarter valued at $660,000. State of New Jersey Common Pension Fund D bought a new position in Avidity Biosciences in the 3rd quarter worth $2,062,000. Colonial River Investments LLC purchased a new stake in shares of Avidity Biosciences in the 3rd quarter worth about $283,000. Finally, Axxcess Wealth Management LLC bought a new stake in shares of Avidity Biosciences during the 3rd quarter valued at about $283,000.

Analyst Upgrades and Downgrades

Several brokerages have commented on RNA. Evercore ISI lowered their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. Barclays initiated coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target on the stock. TD Cowen increased their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Finally, Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday. Nine research 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 target price of $63.22.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $42.18 on Friday. The company has a 50-day simple moving average of $45.26 and a two-hundred day simple moving average of $40.20. The stock has a market capitalization of $5.03 billion, a PE ratio of -14.65 and a beta of 0.91. Avidity Biosciences, Inc. has a 52-week low of $5.68 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.14. The company had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the completion of the transaction, the insider now directly owns 94,018 shares of the company’s stock, valued at $4,561,753.36. The trade was a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $46.63, for a total transaction of $233,150.00. Following the transaction, 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 disclosure for this sale can be found here. In the last quarter, insiders sold 127,543 shares of company stock valued at $5,782,042. Corporate 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.