12,319 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Purchased by Assetmark Inc.

Assetmark Inc. bought a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 12,319 shares of the biotechnology company's stock, valued at approximately $566,000.

A number of other large investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Avidity Biosciences during the 3rd quarter valued at approximately $30,000. Values First Advisors Inc. purchased a new stake in Avidity Biosciences during the third quarter worth $32,000. Quarry LP grew its stake in Avidity Biosciences by 566.7% in the 2nd 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 during the last quarter. nVerses Capital LLC increased its holdings in Avidity Biosciences by 25.9% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company's stock valued at $139,000 after acquiring an additional 700 shares in the last quarter. Finally, Amalgamated Bank raised its position in Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company's stock worth $143,000 after acquiring an additional 982 shares during the last quarter.

Insider Buying and Selling

In other news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the sale, the insider now owns 94,018 shares in the company, valued at $4,561,753.36. This trade represents a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the company's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $46.63, for a total transaction of $233,150.00. Following the completion of the transaction, the director now owns 14,830 shares of the company's stock, valued at $691,522.90. This trade represents a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 127,543 shares of company stock valued at $5,782,042. 3.68% of the stock is currently owned by corporate insiders.

Avidity Biosciences Stock Down 15.6 %

Shares of NASDAQ RNA traded down $7.79 during trading on Friday, hitting $42.18. 2,000,398 shares of the company traded hands, compared to its average volume of 1,320,366. The firm has a market capitalization of $5.03 billion, a P/E ratio of -14.65 and a beta of 0.91. The company has a 50-day moving average price of $45.26 and a 200-day moving average price of $40.20. Avidity Biosciences, Inc. has a 1 year low of $5.68 and a 1 year high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Research analysts predict that Avidity Biosciences, Inc. will post -2.85 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on RNA shares. TD Cowen boosted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a report on Monday, October 21st. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a "buy" rating and a $59.00 target price for the company. Barclays assumed coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday. Finally, Evercore ISI reduced their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a research note on Monday, August 26th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $63.22.

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.