9258 Wealth Management LLC Makes New Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

9258 Wealth Management LLC bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 9,657 shares of the biotechnology company’s stock, valued at approximately $394,000.

Other large investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC boosted its position in Avidity Biosciences by 456.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after buying an additional 2,714 shares during the period. nVerses Capital LLC boosted its holdings in shares of Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after purchasing an additional 700 shares during the period. Nisa Investment Advisors LLC grew its stake in Avidity Biosciences by 32.4% in the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after purchasing an additional 1,076 shares in the last quarter. Privium Fund Management B.V. bought a new position in Avidity Biosciences in the first quarter worth approximately $205,000. Finally, Quest Partners LLC purchased a new position in Avidity Biosciences during the 4th quarter worth $211,000.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $40.76 on Friday. The company’s 50-day simple moving average is $43.42 and its 200-day simple moving average is $32.07. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $48.80. The stock has a market capitalization of $4.48 billion, a P/E ratio of -13.82 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.11. The company had revenue of $2.05 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. On average, research analysts forecast that Avidity Biosciences, Inc. will post -2.96 EPS for the current year.

Insider Transactions at Avidity Biosciences

In related news, CEO Sarah Boyce sold 164,233 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.08, for a total transaction of $6,582,458.64. Following the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at approximately $4,493,649.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Avidity Biosciences news, CFO Michael F. Maclean sold 104,245 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $35.72, for a total transaction of $3,723,631.40. Following the transaction, the chief financial officer now owns 44,093 shares in the company, valued at approximately $1,575,001.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sarah Boyce sold 164,233 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.08, for a total transaction of $6,582,458.64. Following the completion of the transaction, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at approximately $4,493,649.36. The disclosure for this sale can be found here. Insiders sold 379,478 shares of company stock valued at $14,679,680 in the last quarter. 3.68% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RNA. Bank of America increased their price target on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Tuesday, August 13th. Chardan Capital raised their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Barclays initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. Finally, Evercore ISI dropped their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and an average price target of $55.86.

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.