Cibc World Markets Corp Acquires New Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Cibc World Markets Corp bought a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,386 shares of the biotechnology company’s stock, valued at approximately $302,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RNA. PEAK6 Investments LLC boosted its holdings in shares of Avidity Biosciences by 4.9% during the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after acquiring an additional 343 shares in the last quarter. Aaron Wealth Advisors LLC raised its position in Avidity Biosciences by 6.6% in the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock valued at $236,000 after purchasing an additional 504 shares during the last quarter. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the third quarter valued at about $27,000. New York State Common Retirement Fund grew its holdings in shares of Avidity Biosciences by 0.3% during the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after purchasing an additional 598 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Avidity Biosciences by 0.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,855 shares of the biotechnology company’s stock valued at $6,335,000 after buying an additional 830 shares during the period.

Avidity Biosciences Stock Up 8.0 %

Avidity Biosciences stock opened at $33.30 on Tuesday. The company has a market capitalization of $4.00 billion, a PE ratio of -11.56 and a beta of 1.02. Avidity Biosciences, Inc. has a 12-month low of $21.56 and a 12-month high of $56.00. The firm’s fifty day moving average is $31.21 and its 200 day moving average is $37.39.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RNA has been the topic of several recent research reports. HC Wainwright reiterated a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. Barclays reduced their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Scotiabank assumed coverage on Avidity Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 target price for the company. Finally, Citigroup initiated coverage on Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 price target for the company. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $66.69.

Insiders Place Their Bets

In other Avidity Biosciences news, CFO Michael F. Maclean sold 3,287 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $93,975.33. Following the transaction, the chief financial officer now owns 104,655 shares in the company, valued at approximately $2,992,086.45. This represents a 3.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Teresa Mccarthy sold 2,959 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the transaction, the insider now directly owns 104,908 shares in the company, valued at $2,999,319.72. This trade represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 73,443 shares of company stock worth $2,241,889. 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.