Teamwork Financial Advisors LLC Acquires Shares of 7,000 Avidity Biosciences, Inc. (NASDAQ:RNA)

Teamwork Financial Advisors LLC acquired a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,000 shares of the biotechnology company’s stock, valued at approximately $322,000.

Several other large investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its holdings in Avidity Biosciences by 7.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock valued at $189,592,000 after acquiring an additional 516,446 shares in the last quarter. Avoro Capital Advisors LLC lifted its position in shares of Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock worth $265,729,000 after purchasing an additional 680,000 shares during the period. RA Capital Management L.P. boosted its stake in shares of Avidity Biosciences by 33.7% during the 1st quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock valued at $83,761,000 after purchasing an additional 827,647 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Avidity Biosciences by 4,661.3% during the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock valued at $31,704,000 after buying an additional 1,216,730 shares during the period. Finally, D. E. Shaw & Co. Inc. raised its stake in Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after buying an additional 707,773 shares in the last quarter.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $45.19, for a total value of $225,950.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $670,167.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $45.19, for a total value of $225,950.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at approximately $670,167.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael F. Maclean sold 11,510 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $506,440.00. Following the completion of the transaction, the chief financial officer now directly owns 96,355 shares of the company’s stock, valued at approximately $4,239,620. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 150,543 shares of company stock valued at $6,762,692 over the last 90 days. Corporate insiders own 3.68% of the company’s stock.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $50.45 on Friday. The company has a market capitalization of $5.54 billion, a PE ratio of -17.16 and a beta of 0.89. The business has a fifty day moving average price of $44.33 and a 200-day moving average price of $37.25. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $50.78.

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, beating analysts’ consensus estimates of ($0.76) by $0.11. The business had revenue of $2.05 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. On average, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RNA. Evercore ISI cut their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Chardan Capital upped their price target on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 16th. Barclays began coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and an average target price of $60.75.

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.