Intech Investment Management LLC Makes New $1.70 Million Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Intech Investment Management LLC purchased a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 37,036 shares of the biotechnology company's stock, valued at approximately $1,701,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RNA. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences in the 3rd quarter valued at approximately $30,000. Values First Advisors Inc. bought a new stake in Avidity Biosciences during the 3rd quarter worth approximately $32,000. Quarry LP lifted its holdings in Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock worth $82,000 after buying an additional 1,700 shares in the last quarter. Quest Partners LLC lifted its holdings 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 buying an additional 1,392 shares in the last quarter. Finally, nVerses Capital LLC lifted 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 buying an additional 700 shares in the last quarter.

Avidity Biosciences Stock Down 2.9 %

Avidity Biosciences stock traded down $1.33 during mid-day trading on Tuesday, hitting $43.80. 1,200,980 shares of the company's stock were exchanged, compared to its average volume of 1,311,042. The company's 50 day simple moving average is $45.51 and its 200-day simple moving average is $41.14. The firm has a market capitalization of $5.23 billion, a P/E ratio of -15.21 and a beta of 0.91. Avidity Biosciences, Inc. has a fifty-two week low of $5.97 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million during the quarter, compared to analysts' expectations 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 expect that Avidity Biosciences, Inc. will post -2.84 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on RNA shares. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Chardan Capital reissued a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. TD Cowen increased their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Barclays initiated coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 price target on the stock. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $63.60.

Insider Buying and Selling

In other Avidity Biosciences news, Director Arthur A. Levin sold 3,323 shares of the firm's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total transaction of $139,964.76. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at $624,639.60. This trade represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 16th. The stock was 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 of the company's stock, valued at $4,561,753.36. This trade represents a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 150,866 shares of company stock worth $6,724,557. Company insiders own 3.68% of the company's stock.

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.