Intech Investment Management LLC Increases Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Intech Investment Management LLC raised its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 64.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 60,801 shares of the biotechnology company’s stock after acquiring an additional 23,765 shares during the period. Intech Investment Management LLC owned approximately 0.05% of Avidity Biosciences worth $1,768,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cibc World Markets Corp acquired a new stake in Avidity Biosciences in the fourth quarter valued at about $302,000. Natixis Advisors LLC acquired a new stake in shares of Avidity Biosciences in the 4th quarter valued at approximately $395,000. Swiss National Bank boosted its stake in shares of Avidity Biosciences by 12.1% in the fourth quarter. Swiss National Bank now owns 174,400 shares of the biotechnology company’s stock valued at $5,072,000 after buying an additional 18,800 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake 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 valued at $6,335,000 after buying an additional 830 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Avidity Biosciences by 28.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,459 shares of the biotechnology company’s stock worth $799,000 after acquiring an additional 6,089 shares during the period.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RNA shares. Bank of America cut their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Citigroup initiated coverage on Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective for the company. Finally, Chardan Capital reissued a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Monday. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and a consensus target price of $66.69.

Insiders Place Their Bets

In related news, CFO Michael F. Maclean sold 3,287 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $93,975.33. Following the sale, the chief financial officer now directly owns 104,655 shares of the company’s stock, valued at approximately $2,992,086.45. This trade represents a 3.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 24,390 shares of company stock valued at $718,303. Company insiders own 3.68% of the company’s stock.

Avidity Biosciences Trading Down 2.8 %

Avidity Biosciences stock opened at $30.83 on Friday. The stock has a 50-day moving average price of $31.08 and a 200 day moving average price of $37.58. Avidity Biosciences, Inc. has a 52 week low of $21.56 and a 52 week high of $56.00. The stock has a market cap of $3.71 billion, a PE ratio of -10.70 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The firm had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, equities analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current 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.