Axxcess Wealth Management LLC Purchases Shares of 6,165 Avidity Biosciences, Inc. (NASDAQ:RNA)

Axxcess Wealth Management LLC purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,165 shares of the biotechnology company’s stock, valued at approximately $283,000.

Several other institutional investors and hedge funds also recently modified their holdings of RNA. Avoro Capital Advisors LLC lifted its holdings in shares of Avidity Biosciences by 132.1% in the first quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock valued at $148,654,000 after purchasing an additional 3,315,000 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Avidity Biosciences by 4,661.3% in 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 purchasing an additional 1,216,730 shares in the last quarter. RA Capital Management L.P. lifted its holdings in shares of Avidity Biosciences by 33.7% in the first 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. D. E. Shaw & Co. Inc. lifted its holdings in shares of 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 valued at $30,190,000 after purchasing an additional 707,773 shares in the last quarter. Finally, Farallon Capital Management LLC purchased a new stake in shares of Avidity Biosciences in the first quarter valued at about $15,467,000.

Insider Activity

In other news, insider Teresa Mccarthy sold 13,153 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the transaction, the insider now owns 69,018 shares of the company’s stock, valued at approximately $3,036,792. This trade represents a 16.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $46.63, for a total transaction of $233,150.00. Following the completion of the transaction, the director now directly owns 14,830 shares in the company, valued at approximately $691,522.90. This represents a 25.21 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,543 shares of company stock valued at $5,782,042. Company insiders own 3.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RNA shares. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday. TD Cowen upped their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Chardan Capital reissued a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $63.22.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $49.97 on Friday. Avidity Biosciences, Inc. has a one year low of $5.68 and a one year high of $56.00. The company has a 50 day moving average price of $45.04 and a 200 day moving average price of $40.01. The firm has a market capitalization of $5.96 billion, a price-to-earnings ratio of -17.35 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. As a group, equities analysts forecast that Avidity Biosciences, Inc. will post -2.91 EPS for the current fiscal year.

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.