Westside Investment Management Inc. Invests $29,000 in Avidity Biosciences, Inc. $RNA

Westside Investment Management Inc. acquired a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,033 shares of the biotechnology company’s stock, valued at approximately $29,000.

Several other hedge funds have also added to or reduced their stakes in RNA. Wellington Management Group LLP lifted its stake in Avidity Biosciences by 19.5% in the first quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company’s stock worth $285,888,000 after purchasing an additional 1,578,459 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in Avidity Biosciences in the first quarter worth $22,765,000. Frazier Life Sciences Management L.P. bought a new stake in Avidity Biosciences in the first quarter worth $15,498,000. Nuveen LLC bought a new stake in Avidity Biosciences in the first quarter worth $12,729,000. Finally, Fiera Capital Corp lifted its stake in Avidity Biosciences by 92.5% in the first quarter. Fiera Capital Corp now owns 772,300 shares of the biotechnology company’s stock worth $22,798,000 after purchasing an additional 371,121 shares during the last quarter.

Wall Street Analysts Forecast Growth

RNA has been the subject of several recent research reports. Bank of America boosted their price target on shares of Avidity Biosciences from $56.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Raymond James Financial lowered shares of Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 27th. HC Wainwright lowered shares of Avidity Biosciences from a “buy” rating to a “neutral” rating and lowered their price target for the company from $87.00 to $72.00 in a report on Monday, October 27th. TD Cowen lowered shares of Avidity Biosciences from a “buy” rating to a “hold” rating and lowered their price target for the company from $78.00 to $74.00 in a report on Wednesday, October 29th. Finally, Roth Capital lowered shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price target for the company. in a report on Monday, October 27th. Nine investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $69.24.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $69.83 on Wednesday. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $70.51. The company’s 50-day moving average is $49.28 and its 200 day moving average is $39.31. The stock has a market capitalization of $10.19 billion, a P/E ratio of -19.62 and a beta of 0.97.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 50,000 shares of the business’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $49.95, for a total transaction of $2,497,500.00. Following the transaction, the chief executive officer owned 305,871 shares in the company, valued at $15,278,256.45. The trade was a 14.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Troy Edward Wilson sold 29,500 shares of the business’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $50.00, for a total transaction of $1,475,000.00. Following the transaction, the director owned 54,425 shares in the company, valued at $2,721,250. This represents a 35.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 154,438 shares of company stock valued at $7,588,537 over the last three months. Corporate insiders own 3.83% of the company’s stock.

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.