Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Bought by Intech Investment Management LLC

Intech Investment Management LLC grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 64.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 60,801 shares of the biotechnology company’s stock after acquiring an additional 23,765 shares during the quarter. Intech Investment Management LLC’s holdings in Avidity Biosciences were worth $1,768,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of RNA. National Bank of Canada FI acquired a new position in Avidity Biosciences during the third quarter valued at approximately $27,000. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences during the 4th quarter valued at $38,000. Quest Partners LLC boosted its position in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after purchasing an additional 1,392 shares during the period. KBC Group NV increased its holdings in Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock valued at $130,000 after purchasing an additional 2,226 shares in the last quarter. Finally, Landscape Capital Management L.L.C. purchased a new position in Avidity Biosciences in the third quarter valued at about $265,000.

Avidity Biosciences Stock Performance

RNA opened at $30.83 on Friday. The company has a market capitalization of $3.71 billion, a P/E ratio of -10.70 and a beta of 1.02. The company has a 50-day moving average of $31.08 and a 200-day moving average of $37.58. Avidity Biosciences, Inc. has a 1-year low of $21.56 and a 1-year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the transaction, the director now owns 12,958 shares of the company’s stock, valued at $370,598.80. The trade was a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 10,397 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $297,250.23. Following the sale, the chief executive officer now directly owns 337,411 shares in the company, valued at $9,646,580.49. This trade represents a 2.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,390 shares of company stock worth $718,303. 3.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

RNA has been the subject of several analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research report on Monday. Royal Bank of Canada restated an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Monday. Citigroup started coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price for the company. Finally, Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research note on Monday. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $66.69.

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.