Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Bought by RA Capital Management L.P.

RA Capital Management L.P. grew its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 16.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 6,300,408 shares of the biotechnology company’s stock after purchasing an additional 900,000 shares during the quarter. Avidity Biosciences makes up about 3.3% of RA Capital Management L.P.’s holdings, making the stock its 6th largest position. RA Capital Management L.P. owned about 0.05% of Avidity Biosciences worth $289,378,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. PEAK6 Investments LLC boosted its holdings in shares of Avidity Biosciences by 4.9% in the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after buying an additional 343 shares during the period. Arizona State Retirement System boosted its holdings in shares of Avidity Biosciences by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after buying an additional 405 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences in the 3rd quarter valued at about $30,000. Values First Advisors Inc. bought a new stake in Avidity Biosciences in the 3rd quarter valued at about $32,000. Finally, nVerses Capital LLC lifted its position in Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after purchasing an additional 700 shares during the last quarter.

Avidity Biosciences Trading Down 1.4 %

NASDAQ RNA opened at $37.93 on Thursday. The company’s 50 day simple moving average is $45.29 and its 200 day simple moving average is $41.73. Avidity Biosciences, Inc. has a 12 month low of $6.79 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) 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 business had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. On average, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Barclays assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Chardan Capital restated a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $63.60.

Insider Transactions at Avidity Biosciences

In related 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 transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $624,639.60. The trade was a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the completion of the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at $4,561,753.36. This represents a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 150,866 shares of company stock valued at $6,724,557 over the last ninety days. 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.