Magnetar Financial LLC Acquires Shares of 22,003 Avidity Biosciences, Inc. (NASDAQ:RNA)

Magnetar Financial LLC acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 22,003 shares of the biotechnology company’s stock, valued at approximately $640,000.

A number of other institutional investors also recently bought and sold shares of the business. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences during the third quarter worth about $27,000. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences during the fourth quarter worth about $38,000. Quest Partners LLC increased its stake in shares of Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares during the period. KBC Group NV increased its stake in shares of Avidity Biosciences by 99.0% during the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock worth $130,000 after acquiring an additional 2,226 shares during the period. Finally, US Bancorp DE increased its stake in shares of Avidity Biosciences by 25.2% during the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company’s stock worth $191,000 after acquiring an additional 1,324 shares during the period.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 1,872 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the transaction, the director now owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 10,397 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 337,411 shares of the company’s stock, valued at $9,646,580.49. This trade represents a 2.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 73,443 shares of company stock valued at $2,241,889. Company insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Performance

Shares of RNA opened at $30.84 on Friday. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.02. The company’s 50 day simple moving average is $31.11 and its 200 day simple moving average is $37.49. 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 (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The firm had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Equities analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Citigroup assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Bank of America decreased their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Finally, BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective on the stock. Thirteen equities research 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 $66.69.

About Avidity Biosciences

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.