PEAK6 Investments LLC Purchases 343 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

PEAK6 Investments LLC boosted its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 4.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 7,343 shares of the biotechnology company’s stock after acquiring an additional 343 shares during the quarter. PEAK6 Investments LLC’s holdings in Avidity Biosciences were worth $337,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. MetLife Investment Management LLC increased its position in Avidity Biosciences by 6.9% in the 3rd quarter. MetLife Investment Management LLC now owns 62,364 shares of the biotechnology company’s stock valued at $2,864,000 after buying an additional 4,017 shares in the last quarter. Advantage Alpha Capital Partners LP bought a new stake in Avidity Biosciences during the 3rd quarter worth approximately $471,000. FMR LLC increased its holdings in Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after purchasing an additional 689,729 shares in the last quarter. Nwam LLC increased its holdings in Avidity Biosciences by 24.0% during the 3rd quarter. Nwam LLC now owns 29,662 shares of the biotechnology company’s stock worth $1,362,000 after purchasing an additional 5,746 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Avidity Biosciences by 24.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after purchasing an additional 197,065 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RNA. TD Cowen boosted 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. Chardan Capital reissued a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. The Goldman Sachs Group began coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Finally, Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $63.60.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 3,323 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total transaction of $139,964.76. Following the sale, the director now owns 14,830 shares in the company, valued at $624,639.60. This represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the sale, the insider now owns 69,018 shares in the company, valued at approximately $3,036,792. This represents a 16.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 150,866 shares of company stock worth $6,724,557. Insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Down 1.4 %

RNA stock opened at $37.93 on Thursday. Avidity Biosciences, Inc. has a 12-month low of $6.79 and a 12-month high of $56.00. The business has a 50 day moving average of $45.29 and a 200-day moving average of $41.73. The firm has a market cap of $4.53 billion, a PE ratio of -13.12 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. On average, research analysts expect that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current 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.