Assenagon Asset Management S.A. Invests $1.18 Million in Avidity Biosciences, Inc. (NASDAQ:RNA)

Assenagon Asset Management S.A. bought a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 40,559 shares of the biotechnology company's stock, valued at approximately $1,179,000.

Several other institutional investors also recently bought and sold shares of the stock. National Bank of Canada FI purchased a new position in Avidity Biosciences during the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences in the 3rd quarter worth approximately $30,000. Values First Advisors Inc. purchased a new position in shares of Avidity Biosciences during the third quarter valued at approximately $32,000. Quarry LP raised its holdings in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock valued at $82,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Quest Partners LLC lifted its stake in Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock worth $93,000 after acquiring an additional 1,392 shares during the period.

Analyst Upgrades and Downgrades

RNA has been the topic of a number of research analyst reports. Royal Bank of Canada reissued an "outperform" rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday. Chardan Capital reiterated a "buy" rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. HC Wainwright reissued a "buy" rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, TD Cowen increased their target price on Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $65.80.

Avidity Biosciences Price Performance

RNA stock traded down $0.46 on Friday, reaching $29.67. 1,127,888 shares of the company traded hands, compared to its average volume of 1,116,439. The firm has a fifty day simple moving average of $34.13 and a 200-day simple moving average of $41.03. Avidity Biosciences, Inc. has a one year low of $10.27 and a one year high of $56.00. The company has a market cap of $3.54 billion, a P/E ratio of -10.30 and a beta of 0.99.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.14. 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 $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. On average, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CFO Michael F. Maclean sold 3,287 shares of the company's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $93,975.33. Following the transaction, the chief financial officer now owns 104,655 shares in the company, valued at approximately $2,992,086.45. This represents a 3.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 3,323 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total transaction of $139,964.76. Following the completion of the sale, the director now owns 14,830 shares of the company's stock, valued at $624,639.60. This represents a 18.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 151,586 shares of company stock worth $5,208,537. Corporate insiders own 3.68% of the company's stock.

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.