Mirador Capital Partners LP Purchases 22,666 Shares of Avidity Biosciences, Inc. $RNA

Mirador Capital Partners LP grew its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 54.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 64,055 shares of the biotechnology company’s stock after purchasing an additional 22,666 shares during the period. Mirador Capital Partners LP’s holdings in Avidity Biosciences were worth $2,791,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Westside Investment Management Inc. bought a new position in Avidity Biosciences during the second quarter valued at approximately $29,000. PNC Financial Services Group Inc. raised its position in 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 worth $42,000 after purchasing an additional 1,099 shares during the period. Osaic Holdings Inc. lifted its stake in Avidity Biosciences by 1,659.1% in the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,543 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in Avidity Biosciences during the second quarter valued at about $49,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Avidity Biosciences by 149.2% during the first quarter. Russell Investments Group Ltd. now owns 4,378 shares of the biotechnology company’s stock valued at $129,000 after buying an additional 2,621 shares during the last quarter.

Insider Activity at Avidity Biosciences

In other news, insider Steven George Hughes sold 2,209 shares of the business’s stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $47.54, for a total transaction of $105,015.86. Following the sale, the insider owned 38,867 shares in the company, valued at approximately $1,847,737.18. The trade was a 5.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Teresa Mccarthy sold 20,000 shares of the company’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $50.15, for a total transaction of $1,003,000.00. Following the completion of the sale, the insider directly owned 97,130 shares in the company, valued at $4,871,069.50. This represents a 17.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 30,979 shares of company stock worth $1,495,400 over the last ninety days. 3.83% of the stock is owned by corporate insiders.

Avidity Biosciences Trading Up 0.2%

Shares of Avidity Biosciences stock opened at $71.97 on Wednesday. The company’s fifty day simple moving average is $65.12 and its two-hundred day simple moving average is $47.92. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $71.99. The company has a market cap of $10.84 billion, a P/E ratio of -17.22 and a beta of 0.90.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The company had revenue of $12.48 million during the quarter, compared to the consensus estimate of $1.80 million. Avidity Biosciences’s quarterly revenue was up 420.8% compared to the same quarter last year. Analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Loop Capital set a $72.00 target price on Avidity Biosciences in a research note on Tuesday, October 28th. Sanford C. Bernstein downgraded Avidity Biosciences from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $52.00 to $72.00 in a research report on Monday, October 27th. HC Wainwright lowered Avidity Biosciences from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $87.00 to $72.00 in a research note on Monday, October 27th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $72.00 target price (up from $61.00) on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Finally, Citigroup cut shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a research report on Monday, October 27th. Nine research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Hold” and an average price target of $69.24.

About Avidity Biosciences

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.