Hennion & Walsh Asset Management Inc. Boosts Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Hennion & Walsh Asset Management Inc. lifted its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 2.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,972 shares of the biotechnology company’s stock after purchasing an additional 1,777 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Avidity Biosciences were worth $1,862,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Wellington Management Group LLP raised its position in Avidity Biosciences by 17.4% during the fourth quarter. Wellington Management Group LLP now owns 291,218 shares of the biotechnology company’s stock worth $2,636,000 after acquiring an additional 43,147 shares during the period. Lighthouse Investment Partners LLC purchased a new stake in shares of Avidity Biosciences during the fourth quarter worth about $592,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Avidity Biosciences by 202.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 59,000 shares of the biotechnology company’s stock valued at $534,000 after acquiring an additional 39,500 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of Avidity Biosciences in the fourth quarter worth approximately $211,000. Finally, Dynamic Technology Lab Private Ltd increased its position in shares of Avidity Biosciences by 114.3% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 52,788 shares of the biotechnology company’s stock worth $478,000 after purchasing an additional 28,160 shares in the last quarter.

Avidity Biosciences Trading Up 0.8 %

NASDAQ RNA opened at $40.85 on Friday. The stock has a fifty day simple moving average of $30.05 and a 200-day simple moving average of $21.01. Avidity Biosciences, Inc. has a twelve month low of $4.82 and a twelve month high of $42.00.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, topping the consensus estimate of ($0.81) by $0.02. The company had revenue of $3.54 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. As a group, equities research analysts expect that Avidity Biosciences, Inc. will post -3.15 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Friday, April 19th. The stock was sold at an average price of $22.82, for a total value of $114,100.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at $338,420.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Sarah Boyce sold 164,233 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $40.08, for a total transaction of $6,582,458.64. Following the completion of the sale, the chief executive officer now owns 112,117 shares in the company, valued at approximately $4,493,649.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Friday, April 19th. The shares were sold at an average price of $22.82, for a total transaction of $114,100.00. Following the completion of the transaction, the director now directly owns 14,830 shares in the company, valued at $338,420.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 474,478 shares of company stock valued at $16,306,520. Company insiders own 3.68% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Bank of America raised their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price target on shares of Avidity Biosciences in a research note on Monday, June 10th. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a research report on Thursday, March 14th. They set an “overweight” rating and a $60.00 price target on the stock. Evercore ISI increased their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, June 12th. Finally, Chardan Capital boosted their target price on Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $44.29.

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.