Tower Research Capital LLC TRC Raises Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Tower Research Capital LLC TRC raised its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 2,044.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,029 shares of the biotechnology company’s stock after buying an additional 24,815 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Avidity Biosciences were worth $757,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Aaron Wealth Advisors LLC lifted its holdings in shares of Avidity Biosciences by 6.6% during the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after acquiring an additional 504 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Avidity Biosciences by 0.3% in the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after purchasing an additional 598 shares in the last quarter. Summit Investment Advisors Inc. increased its position in shares of Avidity Biosciences by 6.1% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,611 shares of the biotechnology company’s stock valued at $338,000 after purchasing an additional 666 shares during the last quarter. Xponance Inc. raised its holdings in shares of Avidity Biosciences by 11.0% during the 4th quarter. Xponance Inc. now owns 7,957 shares of the biotechnology company’s stock valued at $231,000 after buying an additional 791 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Avidity Biosciences by 0.4% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,855 shares of the biotechnology company’s stock worth $6,335,000 after buying an additional 830 shares during the last quarter.

Insider Buying and Selling

In related news, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the transaction, the chief executive officer now directly owns 305,871 shares in the company, valued at $9,500,353.26. This trade represents a 9.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the sale, the insider now directly owns 50,554 shares in the company, valued at $1,406,917.82. The trade was a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 60,803 shares of company stock valued at $1,876,027 over the last three months. Corporate insiders own 3.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RNA. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price on the stock. Chardan Capital reissued a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Bank of America decreased their price objective on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Finally, Citigroup started coverage on Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price for the company. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Stock Performance

RNA opened at $30.84 on Friday. The stock has a market capitalization of $3.71 billion, a PE ratio of -10.71 and a beta of 1.01. The stock’s 50 day moving average price is $29.28 and its 200-day moving average price is $34.58. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. Research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Avidity Biosciences 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.