Neo Ivy Capital Management Acquires Shares of 16,596 Avidity Biosciences, Inc. (NASDAQ:RNA)

Neo Ivy Capital Management acquired a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 16,596 shares of the biotechnology company's stock, valued at approximately $762,000.

Several other large investors have also recently modified their holdings of the stock. PEAK6 Investments LLC raised its position in Avidity Biosciences by 4.9% during the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company's stock valued at $337,000 after purchasing an additional 343 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Avidity Biosciences by 2.1% during the second quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company's stock valued at $816,000 after buying an additional 405 shares during the period. National Bank of Canada FI bought a new position in shares of Avidity Biosciences during the third quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC purchased a new stake in Avidity Biosciences in the third quarter worth $30,000. Finally, Values First Advisors Inc. purchased a new stake in Avidity Biosciences in the third quarter worth $32,000.

Avidity Biosciences Price Performance

Shares of RNA stock traded down $1.82 on Thursday, hitting $33.76. 1,270,582 shares of the stock traded hands, compared to its average volume of 1,302,863. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of -11.72 and a beta of 0.89. The firm has a 50 day simple moving average of $44.01 and a two-hundred day simple moving average of $41.93. Avidity Biosciences, Inc. has a 52 week low of $6.79 and a 52 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 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 firm had revenue of $2.34 million during the quarter, compared to analysts' expectations of $7.09 million. Sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.84 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. TD Cowen upped their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a research note on Monday, October 21st. Royal Bank of Canada assumed coverage on shares of Avidity Biosciences in a research report on Tuesday, November 26th. They issued an "outperform" rating and a $67.00 target price on the stock. Evercore ISI lowered their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating for the company in a research report on Monday, August 26th. Barclays began coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has an average rating of "Buy" and a consensus target price of $63.60.

Insider Activity

In related news, CEO Sarah Boyce sold 32,880 shares of the business's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $1,446,720.00. Following the sale, the chief executive officer now owns 234,663 shares in the company, valued at approximately $10,325,172. The trade was a 12.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Tamar Thompson sold 30,000 shares of Avidity Biosciences stock in a transaction on Monday, October 7th. The stock was sold at an average price of $44.98, for a total transaction of $1,349,400.00. The disclosure for this sale can be found here. Insiders sold a total of 150,866 shares of company stock worth $6,724,557 over the last 90 days. Corporate 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.