Raymond James Financial Inc. Acquires Shares of 198,907 Avidity Biosciences, Inc. (NASDAQ:RNA)

Raymond James Financial Inc. bought a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 198,907 shares of the biotechnology company’s stock, valued at approximately $5,784,000.

Other hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its holdings in Avidity Biosciences by 52.1% during the third quarter. Victory Capital Management Inc. now owns 33,184 shares of the biotechnology company’s stock valued at $1,524,000 after purchasing an additional 11,367 shares during the last quarter. Quest Partners LLC raised its position in shares of Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Avidity Biosciences during the 3rd quarter valued at approximately $1,701,000. Landscape Capital Management L.L.C. bought a new position in Avidity Biosciences in the 3rd quarter worth approximately $265,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Avidity Biosciences by 24.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock valued at $45,479,000 after buying an additional 197,065 shares in the last quarter.

Analyst Ratings Changes

RNA has been the subject of several recent research reports. HC Wainwright reiterated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. BMO Capital Markets assumed coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 target price for the company. Bank of America lowered their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Citigroup started coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $66.69.

Insider Buying and Selling at Avidity Biosciences

In related news, insider Steven George Hughes sold 9,578 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the sale, the insider now owns 72,850 shares of the company’s stock, valued at $2,262,721. This trade represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sarah Boyce sold 10,397 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $297,250.23. Following the completion of the transaction, the chief executive officer now owns 337,411 shares of the company’s stock, valued at $9,646,580.49. This represents a 2.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,443 shares of company stock worth $2,241,889. 3.68% of the stock is owned by insiders.

Avidity Biosciences Price Performance

RNA stock opened at $33.30 on Tuesday. Avidity Biosciences, Inc. has a 1 year low of $21.56 and a 1 year high of $56.00. The firm has a 50-day moving average of $31.21 and a 200 day moving average of $37.39. The company has a market cap of $4.00 billion, a P/E ratio of -11.56 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share 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.