Aaron Wealth Advisors LLC Has $236,000 Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Aaron Wealth Advisors LLC raised its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 6.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 8,102 shares of the biotechnology company’s stock after acquiring an additional 504 shares during the quarter. Aaron Wealth Advisors LLC’s holdings in Avidity Biosciences were worth $236,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of RNA. PEAK6 Investments LLC lifted its holdings in Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after buying an additional 343 shares during the period. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences in the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new position in shares of Avidity Biosciences in the 3rd quarter worth $30,000. Values First Advisors Inc. acquired a new stake in shares of Avidity Biosciences during the third quarter worth $32,000. Finally, Amalgamated Bank increased its holdings in Avidity Biosciences by 39.0% in the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 982 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have issued reports on RNA. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. TD Cowen boosted their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a report on Friday, January 10th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and an average target price of $65.80.

Avidity Biosciences Price Performance

RNA opened at $30.84 on Wednesday. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of -10.71 and a beta of 0.99. The business’s 50-day moving average price is $35.22 and its two-hundred day moving average price is $41.25. Avidity Biosciences, Inc. has a 1 year low of $9.93 and a 1 year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 24,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total transaction of $858,480.00. Following the sale, the insider now owns 85,389 shares in the company, valued at approximately $3,054,364.53. This represents a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 3,323 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total value of $139,964.76. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $624,639.60. This represents a 18.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 133,071 shares of company stock valued at $4,679,174. Corporate insiders own 3.68% of the company’s stock.

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.