Avidity Biosciences, Inc. (NASDAQ:RNA) Stock Position Raised by Xponance Inc.

Xponance Inc. lifted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 7.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,536 shares of the biotechnology company’s stock after acquiring an additional 579 shares during the quarter. Xponance Inc.’s holdings in Avidity Biosciences were worth $252,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. TD Waterhouse Canada Inc. grew its holdings in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 866 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after acquiring an additional 515 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Avidity Biosciences during the fourth quarter worth $60,000. GF Fund Management CO. LTD. purchased a new stake in shares of Avidity Biosciences during the fourth quarter worth $73,000. Finally, Amalgamated Bank raised its holdings in shares of Avidity Biosciences by 12.0% during the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock worth $116,000 after acquiring an additional 418 shares in the last quarter.

Insiders Place Their Bets

In other news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $32.48, for a total transaction of $190,820.00. Following the transaction, the insider directly owned 50,554 shares of the company’s stock, valued at $1,641,993.92. This trade represents a 10.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider W. Michael Flanagan sold 20,000 shares of the firm’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total transaction of $657,600.00. Following the sale, the insider owned 80,195 shares in the company, valued at approximately $2,636,811.60. The trade was a 19.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,661 shares of company stock worth $1,066,319. Insiders own 3.83% of the company’s stock.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $33.76 on Friday. The stock’s fifty day moving average price is $30.98 and its two-hundred day moving average price is $30.40. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00. The company has a market cap of $4.07 billion, a price-to-earnings ratio of -11.25 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.63 million. On average, equities analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on RNA. Sanford C. Bernstein began coverage on shares of Avidity Biosciences in a report on Tuesday, June 24th. They issued an “outperform” rating and a $50.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Tuesday, June 10th. Bank of America upped their price objective on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, June 9th. HC Wainwright decreased their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a report on Monday, May 12th. Finally, Wolfe Research began coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They issued an “outperform” rating and a $55.00 price objective for the company. Sixteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $66.35.

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.