Connor Clark & Lunn Investment Management Ltd. Boosts Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Connor Clark & Lunn Investment Management Ltd. grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 3,836.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 217,025 shares of the biotechnology company's stock after acquiring an additional 211,512 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.20% of Avidity Biosciences worth $9,968,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences in the third quarter valued at approximately $30,000. Values First Advisors Inc. acquired a new stake in shares of Avidity Biosciences during the third quarter worth $32,000. Quarry LP raised its stake in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock worth $82,000 after buying an additional 1,700 shares during the last quarter. Quest Partners LLC boosted its position in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock valued at $93,000 after acquiring an additional 1,392 shares during the last quarter. Finally, nVerses Capital LLC grew 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 worth $139,000 after acquiring an additional 700 shares during the period.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the firm's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $41.14, for a total value of $1,028,500.00. Following the completion of the sale, the insider now directly owns 94,018 shares of the company's stock, valued at $3,867,900.52. This trade represents a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 32,880 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the transaction, the chief executive officer now directly owns 234,663 shares of the company's stock, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 150,866 shares of company stock worth $6,724,557. Insiders own 3.68% of the company's stock.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock traded up $0.69 on Friday, hitting $43.25. The company had a trading volume of 986,712 shares, compared to its average volume of 1,311,914. Avidity Biosciences, Inc. has a 1 year low of $5.97 and a 1 year high of $56.00. The stock has a 50 day moving average of $45.41 and a 200-day moving average of $40.68. The stock has a market capitalization of $5.16 billion, a price-to-earnings ratio of -14.83 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $2.34 million for the quarter, compared to analysts' expectations of $7.09 million. Equities analysts anticipate that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on RNA shares. Barclays started coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an "overweight" rating and a $63.00 target price on the stock. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a "buy" rating and a $59.00 price objective for the company. Evercore ISI dropped their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a research report on Monday, August 26th. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Chardan Capital reiterated a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price 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.