Corsicana & Co. Acquires Shares of 8,000 Avidity Biosciences, Inc. $RNA

Corsicana & Co. acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 8,000 shares of the biotechnology company’s stock, valued at approximately $349,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of RNA. Assenagon Asset Management S.A. increased its holdings in Avidity Biosciences by 157.0% in the third quarter. Assenagon Asset Management S.A. now owns 45,923 shares of the biotechnology company’s stock valued at $2,001,000 after buying an additional 28,055 shares during the last quarter. Mirador Capital Partners LP boosted its position in shares of Avidity Biosciences by 54.8% during the 3rd quarter. Mirador Capital Partners LP now owns 64,055 shares of the biotechnology company’s stock worth $2,791,000 after acquiring an additional 22,666 shares in the last quarter. Aaron Wealth Advisors LLC increased its holdings in shares of Avidity Biosciences by 16.4% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 8,540 shares of the biotechnology company’s stock valued at $372,000 after acquiring an additional 1,206 shares during the last quarter. Praxis Investment Management Inc. acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth about $211,000. Finally, Osaic Holdings Inc. lifted its stake in Avidity Biosciences by 1,659.1% during the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,543 shares during the last quarter.

Avidity Biosciences Trading Up 0.3%

Shares of RNA stock opened at $72.34 on Friday. The company has a market capitalization of $10.90 billion, a P/E ratio of -17.31 and a beta of 0.90. The business’s 50 day moving average is $66.47 and its two-hundred day moving average is $48.63. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $72.61.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.22). Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The company had revenue of $12.48 million for the quarter, compared to analyst estimates of $1.80 million. The firm’s revenue was up 420.8% compared to the same quarter last year. As a group, equities analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $50.15, for a total value of $1,003,000.00. Following the completion of the sale, the insider owned 97,130 shares in the company, valued at $4,871,069.50. This trade represents a 17.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven George Hughes sold 2,209 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, October 22nd. The shares were sold at an average price of $47.54, for a total value of $105,015.86. Following the completion of the sale, the insider directly owned 38,867 shares in the company, valued at $1,847,737.18. This represents a 5.38% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 30,979 shares of company stock worth $1,495,400. Company insiders own 3.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RNA. Loop Capital set a $72.00 target price on shares of Avidity Biosciences in a report on Tuesday, October 28th. Leerink Partners reissued a “market perform” rating and issued a $72.00 price target (up from $65.00) on shares of Avidity Biosciences in a research report on Monday, October 27th. TD Cowen lowered Avidity Biosciences from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $78.00 to $74.00 in a report on Wednesday, October 29th. Needham & Company LLC cut Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 target price on the stock. in a research report on Monday, October 27th. Finally, Chardan Capital reissued a “neutral” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Eight research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $69.57.

About Avidity Biosciences

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.