Advantage Alpha Capital Partners LP Purchases Shares of 10,248 Avidity Biosciences, Inc. (NASDAQ:RNA)

Advantage Alpha Capital Partners LP acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 10,248 shares of the biotechnology company’s stock, valued at approximately $471,000.

Other large investors also recently modified their holdings of the company. FMR LLC lifted its holdings in Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after purchasing an additional 689,729 shares during the last quarter. Avoro Capital Advisors LLC increased its position in Avidity Biosciences by 11.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock worth $265,729,000 after buying an additional 680,000 shares during the period. RA Capital Management L.P. lifted its holdings in shares of Avidity Biosciences by 33.7% during the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after buying an additional 827,647 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Avidity Biosciences by 4,661.3% in the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock valued at $31,704,000 after acquiring an additional 1,216,730 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of 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 valued at $45,479,000 after acquiring an additional 197,065 shares in the last quarter.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RNA. 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 reiterated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Royal Bank of Canada initiated coverage on Avidity Biosciences in a research report on Tuesday. They set an “outperform” rating and a $67.00 target price for the company. Finally, TD Cowen raised their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $63.60.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value 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 12.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $41.14, for a total value of $1,028,500.00. Following the completion of the transaction, the insider now owns 94,018 shares of the company’s stock, valued at $3,867,900.52. This represents a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 150,866 shares of company stock valued at $6,724,557 in the last quarter. Insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $43.80 on Wednesday. The business has a fifty day simple moving average of $45.51 and a 200 day simple moving average of $41.14. Avidity Biosciences, Inc. has a twelve month low of $5.97 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

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.