Assetmark Inc. Buys 21,507 Shares of Avidity Biosciences, Inc. $RNA

Assetmark Inc. lifted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 72.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,186 shares of the biotechnology company’s stock after buying an additional 21,507 shares during the period. Assetmark Inc.’s holdings in Avidity Biosciences were worth $2,230,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of RNA. AlphaQuest LLC raised its stake in shares of Avidity Biosciences by 123.0% during the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after acquiring an additional 331 shares during the last quarter. CWM LLC raised its position in Avidity Biosciences by 1,635.1% during the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 605 shares during the last quarter. Westside Investment Management Inc. acquired a new position in Avidity Biosciences during the 2nd quarter worth about $29,000. PNC Financial Services Group Inc. grew its position in shares of Avidity Biosciences by 291.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 1,099 shares during the last quarter. Finally, Osaic Holdings Inc. increased its stake in shares of Avidity Biosciences by 1,659.1% in the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock valued at $48,000 after buying an additional 1,543 shares during the period.

Insider Buying and Selling

In other news, CFO Michael F. Maclean sold 4,542 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $329,067.90. Following the sale, the chief financial officer owned 59,290 shares of the company’s stock, valued at $4,295,560.50. The trade was a 7.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sarah Boyce sold 14,387 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $1,042,338.15. Following the sale, the chief executive officer directly owned 269,007 shares in the company, valued at $19,489,557.15. The trade was a 5.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 58,407 shares of company stock worth $4,226,448 in the last quarter. 3.83% of the stock is currently owned by company insiders.

Avidity Biosciences Price Performance

NASDAQ RNA opened at $72.83 on Thursday. The company has a fifty day moving average price of $72.44 and a 200-day moving average price of $60.80. The firm has a market cap of $11.27 billion, a price-to-earnings ratio of -17.42 and a beta of 0.93. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $73.06.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Citigroup lowered shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Needham & Company LLC downgraded Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price target for the company. in a report on Monday, October 27th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $72.00 price objective (up from $61.00) on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Raymond James Financial cut Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research note on Monday, October 27th. Finally, Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Avidity Biosciences has a consensus rating of “Hold” and an average price target of $69.57.

Avidity Biosciences Company Profile

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.