Boothbay Fund Management LLC Purchases 42,687 Shares of Avidity Biosciences, Inc. $RNA

Boothbay Fund Management LLC lifted its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 426.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 52,687 shares of the biotechnology company’s stock after acquiring an additional 42,687 shares during the quarter. Boothbay Fund Management LLC’s holdings in Avidity Biosciences were worth $2,296,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in RNA. AlphaQuest LLC increased its position in Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 331 shares during the period. California State Teachers Retirement System boosted its stake in shares of Avidity Biosciences by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock valued at $2,563,000 after purchasing an additional 466 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Avidity Biosciences by 32.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,954 shares of the biotechnology company’s stock valued at $85,000 after purchasing an additional 478 shares during the last quarter. Guggenheim Capital LLC grew its position in shares of Avidity Biosciences by 1.6% during the 2nd quarter. Guggenheim Capital LLC now owns 32,602 shares of the biotechnology company’s stock worth $926,000 after buying an additional 519 shares during the period. Finally, Comerica Bank raised its stake in shares of Avidity Biosciences by 75.9% during the third quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock worth $58,000 after buying an additional 576 shares during the last quarter.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Evercore set a $72.00 price objective on shares of Avidity Biosciences in a research note on Thursday, December 18th. Wells Fargo & Company started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating and a $25.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $66.79.

Insiders Place Their Bets

In other Avidity Biosciences news, insider W. Michael Flanagan sold 6,534 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $473,388.30. Following the completion of the transaction, the insider directly owned 85,093 shares in the company, valued at $6,164,987.85. This trade represents a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steven George Hughes sold 4,895 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $354,642.75. Following the transaction, the insider directly owned 31,599 shares in the company, valued at $2,289,347.55. This trade represents a 13.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 58,407 shares of company stock valued at $4,226,448 in the last quarter. 3.83% of the stock is currently owned by corporate insiders.

Avidity Biosciences Stock Up 0.3%

Avidity Biosciences stock opened at $13.79 on Tuesday. Avidity Biosciences, Inc. has a 1-year low of $13.57 and a 1-year high of $16.77. The company has a fifty day simple moving average of $58.81 and a 200 day simple moving average of $59.50.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) EPS for the quarter, missing the consensus estimate of ($1.24) by ($0.35). Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The business had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.98 million. On average, equities analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

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.