Aigen Investment Management LP Makes New $473,000 Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Aigen Investment Management LP acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 16,270 shares of the biotechnology company's stock, valued at approximately $473,000.

Several other institutional investors and hedge funds also recently modified their holdings of RNA. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences during the third quarter worth about $27,000. Van ECK Associates Corp acquired a new stake in Avidity Biosciences during the 4th quarter valued at approximately $38,000. Quest Partners LLC increased its holdings in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock worth $93,000 after purchasing an additional 1,392 shares during the last quarter. KBC Group NV raised its position in shares of Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock valued at $130,000 after purchasing an additional 2,226 shares in the last quarter. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Avidity Biosciences during the 3rd quarter valued at approximately $265,000.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the sale, the insider now directly owns 50,554 shares in the company, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael F. Maclean sold 3,287 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $93,975.33. Following the completion of the transaction, the chief financial officer now owns 104,655 shares of the company's stock, valued at $2,992,086.45. This trade represents a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 129,138 shares of company stock worth $4,229,012 in the last three months. 3.68% of the stock is owned by company insiders.

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Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Barclays cut their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. HC Wainwright reiterated a "buy" rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. 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 research note on Monday. Finally, Chardan Capital reiterated a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Friday, February 28th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $65.91.

Avidity Biosciences Stock Down 1.5 %

RNA stock traded down $0.46 during mid-day trading on Tuesday, reaching $29.58. The company had a trading volume of 1,006,714 shares, compared to its average volume of 1,316,997. The stock's 50-day simple moving average is $30.87 and its two-hundred day simple moving average is $38.18. The stock has a market capitalization of $3.56 billion, a P/E ratio of -10.27 and a beta of 1.02. Avidity Biosciences, Inc. has a one year low of $20.80 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. On average, research analysts forecast 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.