Proficio Capital Partners LLC Purchases Shares of 60,457 Avidity Biosciences, Inc. (NASDAQ:RNA)

Proficio Capital Partners LLC bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 60,457 shares of the biotechnology company's stock, valued at approximately $1,758,000. Proficio Capital Partners LLC owned 0.05% of Avidity Biosciences as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its position in Avidity Biosciences by 19.5% in the 4th quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company's stock valued at $10,557,000 after purchasing an additional 59,295 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Avidity Biosciences in the fourth quarter valued at approximately $386,000. Handelsbanken Fonder AB purchased a new position in Avidity Biosciences in the fourth quarter worth approximately $788,000. New York State Common Retirement Fund grew its holdings in Avidity Biosciences by 0.3% during the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock worth $5,374,000 after acquiring an additional 598 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position in shares of Avidity Biosciences by 8.1% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 48,536 shares of the biotechnology company's stock valued at $1,411,000 after purchasing an additional 3,638 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Barclays lowered their price objective on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Scotiabank assumed coverage on shares of Avidity Biosciences in a research report on Friday. They issued a "sector outperform" rating and a $70.00 target price on the stock. HC Wainwright reissued a "buy" rating and issued a $72.00 price target on shares of Avidity Biosciences in a research report on Friday, January 10th. Bank of America cut their target price on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday. Finally, Needham & Company LLC reissued a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $65.91.

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Avidity Biosciences Price Performance

Shares of RNA stock traded down $0.25 during midday trading on Monday, hitting $30.04. The company had a trading volume of 1,015,526 shares, compared to its average volume of 1,318,276. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of -10.43 and a beta of 1.02. The company's 50 day simple moving average is $30.86 and its 200 day simple moving average is $38.27. Avidity Biosciences, Inc. has a 52-week low of $20.80 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The firm had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Activity at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 24,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total value of $858,480.00. Following the completion of the transaction, the insider now directly owns 85,389 shares of the company's stock, valued at $3,054,364.53. This trade represents a 21.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the transaction, the director now directly owns 12,958 shares of the company's stock, valued at approximately $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 129,138 shares of company stock worth $4,229,012 over the last 90 days. Company insiders own 3.68% of the company's stock.

Avidity Biosciences Company 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.