Victory Capital Management Inc. Purchases 12,497 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Victory Capital Management Inc. raised its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 134.1% during the second quarter, HoldingsChannel reports. The fund owned 21,817 shares of the biotechnology company’s stock after acquiring an additional 12,497 shares during the quarter. Victory Capital Management Inc.’s holdings in Avidity Biosciences were worth $891,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of RNA. Charles Schwab Investment Management Inc. increased its position in Avidity Biosciences by 6.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 545,771 shares of the biotechnology company’s stock valued at $4,939,000 after acquiring an additional 30,674 shares during the last quarter. Quadrant Capital Group LLC increased its position in Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after acquiring an additional 2,714 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its position in 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 valued at $478,000 after acquiring an additional 28,160 shares during the last quarter. Quest Partners LLC bought a new position in Avidity Biosciences during the fourth quarter valued at $211,000. Finally, Steward Partners Investment Advisory LLC increased its position in 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.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on RNA shares. Chardan Capital boosted their price objective on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Bank of America upped their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Tuesday, August 13th. Finally, Barclays assumed coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and an average target price of $61.00.

Insider Buying and Selling

In related news, CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $39.93, for a total value of $1,118,040.00. Following the completion of the sale, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at $8,187,366.99. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $39.93, for a total transaction of $1,118,040.00. Following the completion of the sale, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at $8,187,366.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the sale, the director now directly owns 14,830 shares of the company’s stock, valued at $670,167.70. The disclosure for this sale can be found here. Insiders sold a total of 71,000 shares of company stock valued at $3,011,490 over the last three months. 3.68% of the stock is owned by company insiders.

Avidity Biosciences Price Performance

NASDAQ:RNA opened at $44.48 on Friday. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $48.80. The company has a 50-day moving average of $43.82 and a 200 day moving average of $33.91. The firm has a market cap of $4.88 billion, a PE ratio of -15.08 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. The company had revenue of $2.05 million during the quarter, compared to analyst estimates of $7.09 million. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -3.01 EPS for the current fiscal year.

Avidity Biosciences Company 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.