Cibc World Markets Corp Purchases New Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Cibc World Markets Corp purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,386 shares of the biotechnology company's stock, valued at approximately $302,000.

A number of other large investors also recently made changes to their positions in RNA. National Bank of Canada FI bought a new position in Avidity Biosciences during the third quarter worth about $27,000. Van ECK Associates Corp bought a new stake in Avidity Biosciences during the 4th quarter worth approximately $38,000. Quest Partners LLC increased its stake 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 in the last quarter. KBC Group NV raised its holdings in Avidity Biosciences by 99.0% during the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after buying an additional 2,226 shares during the period. Finally, US Bancorp DE lifted its stake in Avidity Biosciences by 25.2% in the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock valued at $191,000 after buying an additional 1,324 shares in the last quarter.

Insiders Place Their Bets

In other Avidity Biosciences news, CFO Michael F. Maclean sold 3,287 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the completion of the sale, the chief financial officer now directly owns 104,655 shares in the company, valued at approximately $2,992,086.45. The trade was a 3.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Teresa Mccarthy sold 2,959 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $84,597.81. Following the transaction, the insider now directly owns 104,908 shares in the company, valued at approximately $2,999,319.72. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 73,443 shares of company stock valued at $2,241,889. 3.68% of the stock is currently owned by company insiders.

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Avidity Biosciences Stock Down 2.9 %

Shares of NASDAQ:RNA traded down $0.96 during trading on Friday, reaching $31.60. 1,065,721 shares of the company traded hands, compared to its average volume of 1,338,207. Avidity Biosciences, Inc. has a 52 week low of $21.56 and a 52 week high of $56.00. The firm has a market capitalization of $3.80 billion, a PE ratio of -10.97 and a beta of 1.02. The company's 50 day moving average is $31.48 and its two-hundred day moving average is $37.26.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Citigroup started coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a "buy" rating and a $70.00 price objective on the stock. Scotiabank assumed coverage on Avidity Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price objective for the company. Needham & Company LLC restated a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. HC Wainwright reaffirmed a "buy" rating and set a $72.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, Barclays cut their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $66.69.

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.