Privium Fund Management B.V. Grows Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Privium Fund Management B.V. raised its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 8.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 34,500 shares of the biotechnology company’s stock after buying an additional 2,600 shares during the quarter. Privium Fund Management B.V.’s holdings in Avidity Biosciences were worth $1,018,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. TD Waterhouse Canada Inc. increased its holdings in shares of Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 866 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock valued at $50,000 after acquiring an additional 515 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Avidity Biosciences during the fourth quarter valued at about $60,000. GF Fund Management CO. LTD. acquired a new position in shares of Avidity Biosciences during the fourth quarter valued at about $73,000. Finally, IFP Advisors Inc increased its holdings in shares of Avidity Biosciences by 123.2% during the first quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company’s stock valued at $96,000 after acquiring an additional 1,787 shares in the last quarter.

Insider Buying and Selling

In other news, insider W. Michael Flanagan sold 20,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total transaction of $657,600.00. Following the transaction, the insider owned 80,195 shares in the company, valued at $2,636,811.60. This trade represents a 19.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kathleen P. Gallagher sold 911 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $30.24, for a total value of $27,548.64. Following the transaction, the insider owned 50,392 shares in the company, valued at $1,523,854.08. This trade represents a 1.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,786 shares of company stock worth $875,969 in the last ninety days. Corporate insiders own 3.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RNA shares. Raymond James Financial began coverage on shares of Avidity Biosciences in a report on Wednesday, June 11th. They set a “strong-buy” rating and a $65.00 price objective on the stock. Bank of America increased their price target on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Sanford C. Bernstein began coverage on shares of Avidity Biosciences in a report on Tuesday, June 24th. They issued an “outperform” rating and a $50.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Friday, June 27th. Finally, JPMorgan Chase & Co. increased their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Tuesday, June 10th. Sixteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $66.35.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $35.92 on Friday. The stock has a market capitalization of $4.33 billion, a price-to-earnings ratio of -11.97 and a beta of 0.95. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The firm’s 50 day simple moving average is $31.98 and its 200-day simple moving average is $30.76.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative return on equity of 26.96% and a negative net margin of 4,136.00%. Analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share 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.