Victory Capital Management Inc. Buys 11,367 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Victory Capital Management Inc. lifted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 52.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 33,184 shares of the biotechnology company’s stock after purchasing an additional 11,367 shares during the quarter. Victory Capital Management Inc.’s holdings in Avidity Biosciences were worth $1,524,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new stake in Avidity Biosciences during the third quarter valued at approximately $30,000. Values First Advisors Inc. acquired a new position in shares of Avidity Biosciences during the third quarter worth $32,000. Quarry LP lifted its holdings in shares of Avidity Biosciences by 566.7% during the 2nd 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 during the last quarter. nVerses Capital LLC boosted its position in shares of Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after purchasing an additional 700 shares in the last quarter. Finally, Amalgamated Bank grew its stake in Avidity Biosciences by 39.0% during the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after buying an additional 982 shares during the last quarter.

Insider Buying and Selling

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total transaction of $228,650.00. Following the transaction, the director now owns 14,830 shares in the company, valued at approximately $678,175.90. This represents a 25.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $41.14, for a total value of $1,028,500.00. Following the completion of the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $3,867,900.52. The trade was a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,866 shares of company stock valued at $6,724,557. Corporate insiders own 3.68% of the company’s stock.

Analyst Upgrades and Downgrades

RNA has been the subject of a number of research analyst reports. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Evercore ISI dropped their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Chardan Capital reissued a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, TD Cowen lifted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $63.22.

Avidity Biosciences Stock Performance

Shares of RNA opened at $45.13 on Tuesday. The business’s 50-day moving average is $45.51 and its two-hundred day moving average is $41.14. The company has a market capitalization of $5.38 billion, a P/E ratio of -15.67 and a beta of 0.91. Avidity Biosciences, Inc. has a fifty-two week low of $5.97 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Analysts forecast that Avidity Biosciences, Inc. will post -2.84 EPS for the current year.

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.