Sei Investments Co. boosted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA – Free Report) by 15.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,635 shares of the biotechnology company’s stock after purchasing an additional 4,881 shares during the quarter. Sei Investments Co.’s holdings in Avidity Biosciences were worth $935,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Nisa Investment Advisors LLC grew its stake in shares of Avidity Biosciences by 15,900.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock worth $29,000 after buying an additional 3,180 shares in the last quarter. Quadrant Capital Group LLC increased its stake in Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after acquiring an additional 2,714 shares during the last quarter. Privium Fund Management B.V. bought a new stake in Avidity Biosciences during the first quarter worth approximately $205,000. China Universal Asset Management Co. Ltd. raised its position in Avidity Biosciences by 352.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock valued at $78,000 after purchasing an additional 6,675 shares during the period. Finally, Janney Montgomery Scott LLC bought a new stake in shares of Avidity Biosciences in the 1st quarter valued at approximately $221,000.
Analyst Ratings Changes
RNA has been the topic of several recent research reports. Bank of America increased their price target on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Needham & Company LLC reissued a “buy” rating and issued a $35.00 target price on shares of Avidity Biosciences in a research note on Monday, June 10th. Evercore ISI lifted their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 12th. Finally, Chardan Capital raised their price objective on shares of Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $44.29.
View Our Latest Report on Avidity Biosciences
Avidity Biosciences Price Performance
Shares of RNA opened at $48.14 on Monday. The firm has a market capitalization of $4.60 billion, a price-to-earnings ratio of -16.32 and a beta of 0.90. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $48.29. The company has a 50-day moving average of $36.82 and a 200 day moving average of $25.84.
Avidity Biosciences (NASDAQ:RNA – Get Free Report) last posted its quarterly earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.02. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. The firm had revenue of $3.54 million during the quarter, compared to the consensus estimate of $7.09 million. On average, equities analysts anticipate that Avidity Biosciences, Inc. will post -3.15 earnings per share for the current fiscal year.
Insider Buying and Selling at Avidity Biosciences
In other news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total transaction of $715,120.00. Following the transaction, the chief executive officer now owns 112,117 shares of the company’s stock, valued at approximately $2,863,468.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction on Monday, May 20th. The stock was sold at an average price of $29.90, for a total value of $149,500.00. Following the transaction, the director now directly owns 14,830 shares in the company, valued at approximately $443,417. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sarah Boyce sold 28,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total value of $715,120.00. Following the sale, the chief executive officer now owns 112,117 shares of the company’s stock, valued at $2,863,468.18. The disclosure for this sale can be found here. Insiders sold a total of 482,478 shares of company stock valued at $16,993,310 in the last ninety days. Corporate insiders own 3.68% of the company’s stock.
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.
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