Intech Investment Management LLC Takes $1.70 Million Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Intech Investment Management LLC purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 37,036 shares of the biotechnology company’s stock, valued at approximately $1,701,000.

Several other large investors also recently added to or reduced their stakes in RNA. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences during the third quarter valued at $30,000. Values First Advisors Inc. bought a new stake in Avidity Biosciences during the third quarter valued at $32,000. Quarry LP boosted its stake in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,700 shares during the period. Quest Partners LLC boosted its stake in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after buying an additional 1,392 shares during the period. Finally, nVerses Capital LLC boosted its stake in Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after buying an additional 700 shares during the period.

Insider Activity at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the transaction, the insider now owns 94,018 shares in the company, valued at $3,867,900.52. The trade was a 21.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $45.73, for a total value of $228,650.00. Following the transaction, the director now owns 14,830 shares in the company, valued at approximately $678,175.90. This represents a 25.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 150,866 shares of company stock worth $6,724,557 in the last 90 days. Company insiders own 3.68% of the company’s stock.

Avidity Biosciences Trading Up 4.3 %

NASDAQ RNA opened at $45.13 on Tuesday. Avidity Biosciences, Inc. has a 1-year low of $5.97 and a 1-year high of $56.00. The stock has a 50-day moving average of $45.51 and a 200-day moving average of $41.14. The firm has a market cap of $5.38 billion, a PE ratio of -15.67 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. As a group, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RNA shares. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Barclays started coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, TD Cowen lifted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and a consensus target price of $63.22.

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.