Avidity Biosciences, Inc. $RNA Shares Acquired by Candriam S.C.A.

Candriam S.C.A. increased its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 10.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 487,917 shares of the biotechnology company’s stock after purchasing an additional 45,144 shares during the quarter. Candriam S.C.A. owned approximately 0.33% of Avidity Biosciences worth $21,259,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RNA. AlphaQuest LLC boosted its stake in shares of Avidity Biosciences by 123.0% during the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 331 shares during the last quarter. CWM LLC raised its position in shares of Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 605 shares during the last quarter. Westside Investment Management Inc. purchased a new position in shares of Avidity Biosciences during the second quarter valued at approximately $29,000. PNC Financial Services Group Inc. lifted its stake in shares of Avidity Biosciences by 291.5% during the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 1,099 shares during the period. Finally, Osaic Holdings Inc. boosted its position in Avidity Biosciences by 1,659.1% during the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after acquiring an additional 1,543 shares during the last quarter.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 14,387 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $1,042,338.15. Following the transaction, the chief executive officer directly owned 269,007 shares of the company’s stock, valued at $19,489,557.15. The trade was a 5.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Steven George Hughes sold 4,895 shares of the stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $354,642.75. Following the completion of the sale, the insider directly owned 31,599 shares of the company’s stock, valued at $2,289,347.55. The trade was a 13.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 58,407 shares of company stock valued at $4,226,448 in the last three months. 3.83% of the stock is owned by company insiders.

Avidity Biosciences Trading Down 0.0%

Shares of Avidity Biosciences stock opened at $72.89 on Tuesday. The business’s fifty day moving average price is $72.24 and its 200 day moving average price is $59.16. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $73.06. The stock has a market capitalization of $11.28 billion, a P/E ratio of -17.44 and a beta of 0.93.

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

Analysts Set New Price Targets

RNA has been the subject of several analyst reports. Loop Capital set a $72.00 price target on Avidity Biosciences in a report on Tuesday, October 28th. Roth Mkm downgraded Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price objective for the company. in a research report on Monday, October 27th. Leerink Partners lowered Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Evercore set a $72.00 target price on Avidity Biosciences in a research report on Thursday, December 18th. Finally, TD Cowen restated a “hold” rating on shares of Avidity Biosciences in a report on Wednesday, November 12th. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $69.57.

Avidity Biosciences Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.