60,457 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Purchased by Proficio Capital Partners LLC

Proficio Capital Partners LLC purchased a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 60,457 shares of the biotechnology company's stock, valued at approximately $1,758,000. Proficio Capital Partners LLC owned approximately 0.05% of Avidity Biosciences as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. National Bank of Canada FI purchased a new position in Avidity Biosciences during the third quarter valued at $27,000. Van ECK Associates Corp purchased a new position in Avidity Biosciences during the fourth quarter valued at $38,000. Quest Partners LLC raised its stake in Avidity Biosciences by 217.8% during 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 last quarter. KBC Group NV raised its stake in Avidity Biosciences by 99.0% during the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock valued at $130,000 after buying an additional 2,226 shares during the last quarter. Finally, US Bancorp DE raised its stake in Avidity Biosciences by 25.2% during the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock valued at $191,000 after buying an additional 1,324 shares during the last quarter.

Avidity Biosciences Price Performance

Avidity Biosciences stock traded up $0.01 during mid-day trading on Friday, reaching $30.84. 1,849,399 shares of the stock traded hands, compared to its average volume of 1,317,639. The stock has a market capitalization of $3.71 billion, a PE ratio of -10.71 and a beta of 1.02. Avidity Biosciences, Inc. has a 12-month low of $21.56 and a 12-month high of $56.00. The business's 50-day moving average is $31.11 and its 200-day moving average is $37.47.

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Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings results 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). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. Equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RNA. Chardan Capital reiterated a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Scotiabank started coverage on Avidity Biosciences in a research note on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price objective for the company. Royal Bank of Canada restated an "outperform" rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. BMO Capital Markets started coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target for the company. Finally, Bank of America decreased their price target on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Thirteen investment 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 target price of $66.69.

Insider Buying and Selling at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 3,287 shares of the company's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the completion of the transaction, the chief financial officer now owns 104,655 shares of the company's stock, valued at $2,992,086.45. This represents a 3.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 2,959 shares of the company's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the transaction, the insider now directly owns 104,908 shares of the company's stock, valued at approximately $2,999,319.72. This trade represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 73,443 shares of company stock valued at $2,241,889. 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.