Los Angeles Capital Management LLC Takes Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Los Angeles Capital Management LLC bought a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 14,376 shares of the biotechnology company’s stock, valued at approximately $660,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State of New Jersey Common Pension Fund D purchased a new stake in shares of Avidity Biosciences during the third quarter worth approximately $2,062,000. Colonial River Investments LLC purchased a new position in Avidity Biosciences during the third quarter worth about $283,000. Axxcess Wealth Management LLC acquired a new stake in Avidity Biosciences in the third quarter valued at about $283,000. Privium Fund Management B.V. lifted its position in Avidity Biosciences by 15.1% in the third quarter. Privium Fund Management B.V. now owns 25,600 shares of the biotechnology company’s stock valued at $1,176,000 after purchasing an additional 3,358 shares during the period. Finally, Assetmark Inc. purchased a new stake in Avidity Biosciences in the 3rd quarter valued at approximately $566,000.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the transaction, the insider now owns 94,018 shares of the company’s stock, valued at $4,561,753.36. This represents a 21.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $46.63, for a total value of $233,150.00. Following the sale, the director now owns 14,830 shares in the company, valued at $691,522.90. This trade represents a 25.21 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 127,543 shares of company stock worth $5,782,042. Corporate insiders own 3.68% of the company’s stock.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock opened at $42.18 on Friday. The business has a 50 day moving average price of $45.26 and a 200 day moving average price of $40.31. The company has a market capitalization of $5.03 billion, a P/E ratio of -14.65 and a beta of 0.91. Avidity Biosciences, Inc. has a 1 year low of $5.68 and a 1 year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The company had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, research analysts expect that Avidity Biosciences, Inc. will post -2.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RNA has been the subject of several recent analyst reports. Evercore ISI reduced their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. Barclays initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Finally, TD Cowen boosted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $63.22.

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.