Bryce Point Capital LLC Invests $408,000 in Avidity Biosciences, Inc. (NASDAQ:RNA)

Bryce Point Capital LLC bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 14,044 shares of the biotechnology company's stock, valued at approximately $408,000.

Other institutional investors also recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new position in Avidity Biosciences in the third quarter worth about $27,000. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences during the 4th quarter valued at about $38,000. Headlands Technologies LLC purchased a new position in Avidity Biosciences during the fourth quarter valued at approximately $60,000. KBC Group NV boosted its position in Avidity Biosciences by 99.0% during the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after purchasing an additional 2,226 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Avidity Biosciences in the third quarter worth approximately $277,000.

Insider Activity

In related news, CEO Sarah Boyce sold 31,540 shares of the business's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the sale, the chief executive officer now directly owns 305,871 shares in the company, valued at approximately $9,500,353.26. The trade was a 9.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of the company's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the transaction, the director now owns 12,958 shares of the company's stock, valued at $370,598.80. The trade was a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,318 shares of company stock worth $2,405,390 in the last quarter. 3.68% of the stock is owned by corporate insiders.

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Analyst Upgrades and Downgrades

RNA has been the subject of several analyst reports. HC Wainwright reiterated a "buy" rating and set a $72.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday. Citigroup assumed coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price target on the stock. Bank of America cut their price objective on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Finally, Scotiabank initiated coverage on Avidity Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price target on the stock. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $66.69.

Avidity Biosciences Stock Down 5.9 %

Shares of NASDAQ:RNA traded down $1.46 during midday trading on Thursday, hitting $23.34. The stock had a trading volume of 465,985 shares, compared to its average volume of 1,380,963. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The company has a market cap of $2.81 billion, a P/E ratio of -8.07 and a beta of 1.01. The business's 50-day simple moving average is $30.62 and its 200-day simple moving average is $36.06.

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

Avidity Biosciences Company 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.