Assetmark Inc. Invests $566,000 in Avidity Biosciences, Inc. (NASDAQ:RNA)

Assetmark Inc. bought a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 12,319 shares of the biotechnology company’s stock, valued at approximately $566,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Fiera Capital Corp bought a new position in shares of Avidity Biosciences in the third quarter worth approximately $19,805,000. China Universal Asset Management Co. Ltd. grew its holdings in shares of Avidity Biosciences by 100.5% in the third quarter. China Universal Asset Management Co. Ltd. now owns 22,526 shares of the biotechnology company’s stock worth $1,035,000 after purchasing an additional 11,291 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Avidity Biosciences by 48.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,236 shares of the biotechnology company’s stock worth $179,000 after purchasing an additional 1,381 shares during the last quarter. Values First Advisors Inc. bought a new stake in Avidity Biosciences in the third quarter valued at $32,000. Finally, International Assets Investment Management LLC bought a new stake in Avidity Biosciences in the third quarter valued at $16,880,000.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $46.63, for a total value of $233,150.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $691,522.90. The trade was a 25.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael F. Maclean sold 11,510 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $506,440.00. Following the completion of the transaction, the chief financial officer now directly owns 96,355 shares of the company’s stock, valued at approximately $4,239,620. This trade represents a 10.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 127,543 shares of company stock valued at $5,782,042 in the last quarter. 3.68% of the stock is owned by insiders.

Analyst Ratings Changes

RNA has been the topic of several recent analyst reports. Evercore ISI cut their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Barclays initiated coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday. TD Cowen lifted their price target 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. Finally, Chardan Capital reiterated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $63.22.

Avidity Biosciences Trading Down 15.6 %

Shares of RNA stock opened at $42.18 on Friday. Avidity Biosciences, Inc. has a 12 month low of $5.68 and a 12 month high of $56.00. The stock has a market cap of $5.03 billion, a PE ratio of -14.65 and a beta of 0.91. The company’s fifty day moving average price is $45.26 and its 200-day moving average price is $40.20.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million during 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%. On average, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.85 earnings per share 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.