Quantbot Technologies LP Makes New Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Quantbot Technologies LP acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 9,534 shares of the biotechnology company’s stock, valued at approximately $277,000.

Several other hedge funds have also modified their holdings of RNA. National Bank of Canada FI acquired a new position in Avidity Biosciences in the third quarter valued at $27,000. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences in the 4th quarter valued at about $38,000. Quest Partners LLC grew its holdings in shares of Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after purchasing an additional 1,392 shares during the period. KBC Group NV increased its position in Avidity Biosciences by 99.0% during the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock worth $130,000 after purchasing an additional 2,226 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Avidity Biosciences in the third quarter valued at approximately $277,000.

Insider Buying and Selling

In other news, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the completion of the transaction, the insider now owns 72,850 shares in the company, valued at approximately $2,262,721. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the sale, the insider now directly owns 50,554 shares in the company, valued at approximately $1,625,816.64. This represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 73,443 shares of company stock worth $2,241,889. Corporate insiders own 3.68% of the company’s stock.

Avidity Biosciences Trading Down 2.9 %

Avidity Biosciences stock opened at $31.60 on Friday. The stock has a 50 day moving average of $31.53 and a 200-day moving average of $37.17. The stock has a market cap of $3.80 billion, a P/E ratio of -10.97 and a beta of 1.02. Avidity Biosciences, Inc. has a 52 week low of $21.56 and a 52 week high of $56.00.

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

Analyst Ratings Changes

Several research firms have issued reports on RNA. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. HC Wainwright reiterated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. BMO Capital Markets initiated coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Finally, Scotiabank assumed coverage on Avidity Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target for the company. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has a consensus rating of “Buy” and a consensus price target of $66.69.

About Avidity Biosciences

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.