Intech Investment Management LLC Purchases 23,765 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Intech Investment Management LLC increased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 64.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,801 shares of the biotechnology company's stock after buying an additional 23,765 shares during the period. Intech Investment Management LLC owned 0.05% of Avidity Biosciences worth $1,768,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. National Bank of Canada FI acquired a new stake in Avidity Biosciences during the 3rd quarter worth $27,000. Van ECK Associates Corp bought a new stake in Avidity Biosciences in the fourth quarter valued at about $38,000. 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 valued at $93,000 after buying an additional 1,392 shares during the period. KBC Group NV boosted its holdings in Avidity Biosciences by 99.0% during the fourth 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 last quarter. Finally, US Bancorp DE grew its position in shares of Avidity Biosciences by 25.2% during the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after buying an additional 1,324 shares during the period.

Avidity Biosciences Stock Down 3.6 %

Shares of RNA stock traded down $1.20 during trading on Tuesday, reaching $32.10. The company's stock had a trading volume of 1,221,221 shares, compared to its average volume of 1,317,973. Avidity Biosciences, Inc. has a one year low of $21.56 and a one year high of $56.00. The business has a fifty day moving average price of $31.21 and a 200-day moving average price of $37.39. The company has a market cap of $3.86 billion, a price-to-earnings ratio of -11.15 and a beta of 1.02.

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Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). 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 $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RNA. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. Scotiabank started coverage on Avidity Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 target price on the stock. HC Wainwright restated a "buy" rating and issued a $72.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. Citigroup initiated coverage on Avidity Biosciences in a report on Thursday, March 13th. They set a "buy" rating and a $70.00 price objective on the stock. Finally, Chardan Capital reiterated a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $66.69.

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 7,935 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $246,461.10. Following the transaction, the chief financial officer now directly owns 96,720 shares in the company, valued at $3,004,123.20. The trade was a 7.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 73,443 shares of company stock worth $2,241,889. Corporate insiders own 3.68% of the company's stock.

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.