Avidity Biosciences, Inc. $RNA Stock Holdings Lifted by Rafferty Asset Management LLC

Rafferty Asset Management LLC raised its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 36.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,480 shares of the biotechnology company’s stock after purchasing an additional 46,598 shares during the period. Rafferty Asset Management LLC’s holdings in Avidity Biosciences were worth $7,559,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. AlphaQuest LLC increased its holdings in shares of Avidity Biosciences by 123.0% during the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after acquiring an additional 331 shares during the last quarter. CWM LLC boosted its position in Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 605 shares during the period. Westside Investment Management Inc. acquired a new position in Avidity Biosciences during the second quarter valued at approximately $29,000. PNC Financial Services Group Inc. raised its position in shares of Avidity Biosciences by 291.5% in the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 1,099 shares during the period. Finally, Osaic Holdings Inc. raised its position in shares of Avidity Biosciences by 1,659.1% in the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,543 shares during the period.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RNA. Evercore set a $72.00 price objective on shares of Avidity Biosciences in a report on Thursday, December 18th. TD Cowen restated a “hold” rating on shares of Avidity Biosciences in a report on Wednesday, November 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Finally, Chardan Capital reissued a “neutral” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $69.57.

Insider Buying and Selling

In related news, Director Arthur A. Levin sold 1,758 shares of the company’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $127,367.10. Following the completion of the transaction, the director directly owned 16,562 shares in the company, valued at approximately $1,199,916.90. This represents a 9.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sarah Boyce sold 14,387 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $1,042,338.15. Following the completion of the transaction, the chief executive officer directly owned 269,007 shares of the company’s stock, valued at approximately $19,489,557.15. This trade represents a 5.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 58,407 shares of company stock worth $4,226,448. 3.83% of the stock is currently owned by corporate insiders.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $14.91 on Tuesday. The firm’s 50-day moving average is $70.26 and its 200-day moving average is $61.69. The company has a market cap of $2.31 billion, a price-to-earnings ratio of -3.00 and a beta of 0.93. Avidity Biosciences, Inc. has a 52-week low of $13.06 and a 52-week high of $15.93.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing the consensus estimate of ($1.24) by ($0.35). Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. The company had revenue of $0.86 million during the quarter, compared to the consensus estimate of $1.98 million. Equities analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

About Avidity Biosciences

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.