Allspring Global Investments Holdings LLC Invests $30,000 in Avidity Biosciences, Inc. (NASDAQ:RNA)

Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 657 shares of the biotechnology company’s stock, valued at approximately $30,000.

Other hedge funds also recently modified their holdings of the company. Quarry LP increased its holdings in shares of Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares in the last quarter. nVerses Capital LLC increased its holdings in shares of Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after purchasing an additional 700 shares in the last quarter. Amalgamated Bank boosted its stake in Avidity Biosciences by 39.0% in the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after acquiring an additional 982 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Avidity Biosciences by 32.4% in the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after acquiring an additional 1,076 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in Avidity Biosciences in the first quarter valued at approximately $221,000.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $45.09 on Wednesday. The firm has a market capitalization of $4.95 billion, a PE ratio of -15.34 and a beta of 0.91. The company’s 50-day moving average is $44.40 and its 200-day moving average is $38.97. Avidity Biosciences, Inc. has a fifty-two week low of $5.15 and a fifty-two week high of $50.78.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.11. The company had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. As a group, analysts expect that Avidity Biosciences, Inc. will post -2.94 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RNA. Barclays began coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target on the stock. TD Cowen raised their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Evercore ISI dropped their price objective 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. Chardan Capital raised their price objective on shares of Avidity Biosciences from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $63.22.

Insider Buying and Selling

In related news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $670,167.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $670,167.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00. Following the sale, the insider now directly owns 69,018 shares of the company’s stock, valued at $3,036,792. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 127,543 shares of company stock valued at $5,782,042. Company insiders own 3.68% of the company’s stock.

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.