18,787 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Acquired by FORA Capital LLC

FORA Capital LLC acquired a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, Holdings Channel.com reports. The fund acquired 18,787 shares of the biotechnology company’s stock, valued at approximately $546,000.

Several other large investors have also modified their holdings of the stock. Aaron Wealth Advisors LLC increased its stake in Avidity Biosciences by 6.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after purchasing an additional 504 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of Avidity Biosciences by 0.3% in the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after acquiring an additional 598 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Avidity Biosciences by 6.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,611 shares of the biotechnology company’s stock valued at $338,000 after acquiring an additional 666 shares during the period. Xponance Inc. lifted its position in shares of Avidity Biosciences by 11.0% in the 4th quarter. Xponance Inc. now owns 7,957 shares of the biotechnology company’s stock valued at $231,000 after acquiring an additional 791 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Avidity Biosciences by 0.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,855 shares of the biotechnology company’s stock worth $6,335,000 after buying an additional 830 shares during the period.

Insider Activity

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $32.40, for a total transaction of $190,350.00. Following the sale, the insider now directly owns 50,554 shares of the company’s stock, valued at $1,637,949.60. The trade was a 10.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Michael F. Maclean sold 7,935 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $246,461.10. Following the transaction, the chief financial officer now directly owns 96,720 shares of the company’s stock, valued at $3,004,123.20. This trade represents a 7.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,803 shares of company stock worth $1,877,437 over the last quarter. 3.68% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Barclays cut their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Scotiabank assumed coverage on Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price target for the company. Bank of America lowered their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Stock Down 2.9 %

Shares of NASDAQ RNA opened at $27.87 on Friday. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The company’s fifty day moving average is $29.28 and its 200-day moving average is $33.49. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -9.68 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. On average, research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

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.