Avidity Biosciences, Inc. (NASDAQ:RNA) Stake Boosted by EFG Asset Management North America Corp.

EFG Asset Management North America Corp. raised its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 94.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 119,503 shares of the biotechnology company’s stock after purchasing an additional 58,198 shares during the period. EFG Asset Management North America Corp.’s holdings in Avidity Biosciences were worth $3,476,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of RNA. Y Intercept Hong Kong Ltd bought a new stake in shares of Avidity Biosciences in the 4th quarter worth approximately $386,000. Lord Abbett & CO. LLC increased its position in Avidity Biosciences by 30.1% in the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after buying an additional 124,867 shares during the period. Charles Schwab Investment Management Inc. increased its position in Avidity Biosciences by 24.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after buying an additional 197,065 shares during the period. RA Capital Management L.P. lifted its stake in Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after buying an additional 900,000 shares during the last quarter. Finally, FMR LLC boosted its holdings in shares of Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after acquiring an additional 689,729 shares during the period.

Avidity Biosciences Stock Up 8.0 %

Shares of Avidity Biosciences stock opened at $33.30 on Tuesday. The business has a fifty day simple moving average of $31.21 and a 200-day simple moving average of $37.39. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of -11.56 and a beta of 1.02. Avidity Biosciences, Inc. has a fifty-two week low of $21.56 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The business had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Citigroup began coverage on Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 price target on the stock. Barclays decreased their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Finally, HC Wainwright reissued a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $66.69.

Insider Buying and Selling

In other Avidity Biosciences news, insider Teresa Mccarthy sold 2,959 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $84,597.81. Following the sale, the insider now owns 104,908 shares in the company, valued at approximately $2,999,319.72. The trade was a 2.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the sale, the director now directly owns 12,958 shares of the company’s stock, valued at $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,443 shares of company stock worth $2,241,889. Corporate insiders own 3.68% of the company’s stock.

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.