Values First Advisors Inc. Makes New $32,000 Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Values First Advisors Inc. acquired a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 688 shares of the biotechnology company’s stock, valued at approximately $32,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in RNA. Avoro Capital Advisors LLC raised its stake in shares of Avidity Biosciences by 132.1% in the first quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock worth $148,654,000 after purchasing an additional 3,315,000 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Avidity Biosciences by 4,661.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after acquiring an additional 1,216,730 shares during the last quarter. RA Capital Management L.P. grew its stake in shares of Avidity Biosciences by 33.7% in the 1st quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after acquiring an additional 827,647 shares in the last quarter. D. E. Shaw & Co. Inc. raised its holdings in shares of Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after purchasing an additional 707,773 shares during the last quarter. Finally, Farallon Capital Management LLC bought a new position in shares of Avidity Biosciences during the first quarter valued at about $15,467,000.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $45.11 on Friday. The stock has a market capitalization of $4.95 billion, a price-to-earnings ratio of -15.34 and a beta of 0.89. The company has a fifty day moving average of $44.47 and a 200-day moving average of $37.96. Avidity Biosciences, Inc. has a 52-week low of $4.82 and a 52-week high of $50.78.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.11. The firm had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. On average, equities research analysts forecast that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Barclays initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Tuesday, August 13th. TD Cowen boosted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Chardan Capital raised their price objective on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $62.67.

Insider Activity

In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the sale, the chief executive officer now owns 234,663 shares of the company’s stock, valued at $10,325,172. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the transaction, the chief executive officer now owns 234,663 shares of the company’s stock, valued at $10,325,172. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Tamar Thompson sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $44.98, for a total value of $1,349,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 155,543 shares of company stock valued at $6,995,842. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences 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.