EFG Asset Management North America Corp. Purchases 58,198 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

EFG Asset Management North America Corp. boosted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 94.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 119,503 shares of the biotechnology company's stock after purchasing an additional 58,198 shares during the quarter. EFG Asset Management North America Corp. owned about 0.10% of Avidity Biosciences worth $3,476,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in RNA. Y Intercept Hong Kong Ltd bought a new position in shares of Avidity Biosciences during the fourth quarter worth $386,000. Lord Abbett & CO. LLC raised its stake in Avidity Biosciences by 30.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock worth $24,766,000 after buying an additional 124,867 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Avidity Biosciences by 24.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company's stock worth $45,479,000 after acquiring an additional 197,065 shares in the last quarter. RA Capital Management L.P. grew its stake in Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock valued at $289,378,000 after acquiring an additional 900,000 shares during the period. Finally, FMR LLC increased its holdings in shares of Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock worth $773,864,000 after acquiring an additional 689,729 shares in the last quarter.

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Avidity Biosciences Stock Down 2.9 %

Shares of NASDAQ:RNA traded down $0.96 during midday trading on Friday, reaching $31.60. The company had a trading volume of 1,065,721 shares, compared to its average volume of 1,338,630. Avidity Biosciences, Inc. has a 1-year low of $21.56 and a 1-year high of $56.00. The stock has a market cap of $3.80 billion, a PE ratio of -10.97 and a beta of 1.02. The business's 50 day moving average price is $31.53 and its 200 day moving average price is $37.17.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company 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%. On average, research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Teresa Mccarthy sold 2,959 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 transaction of $84,597.81. Following the completion of the transaction, the insider now directly owns 104,908 shares in the company, valued at approximately $2,999,319.72. The trade was a 2.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Michael F. Maclean sold 3,287 shares of the business's 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 transaction, the chief financial officer now directly owns 104,655 shares in the company, valued at $2,992,086.45. The trade was a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 73,443 shares of company stock worth $2,241,889. Insiders own 3.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RNA. Scotiabank started coverage on Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. BMO Capital Markets began coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target for the company. HC Wainwright reissued a "buy" rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Chardan Capital reaffirmed a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences has a consensus rating of "Buy" and an average price target of $66.69.

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.