Connor Clark & Lunn Investment Management Ltd. Has $9.97 Million Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 3,836.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 217,025 shares of the biotechnology company’s stock after buying an additional 211,512 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.20% of Avidity Biosciences worth $9,968,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Quest Partners LLC increased 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 valued at $93,000 after purchasing an additional 1,392 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Avidity Biosciences by 52.1% in the third quarter. Victory Capital Management Inc. now owns 33,184 shares of the biotechnology company’s stock valued at $1,524,000 after buying an additional 11,367 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Avidity Biosciences in the third quarter valued at about $660,000. State of New Jersey Common Pension Fund D bought a new position in shares of Avidity Biosciences in the third quarter valued at about $2,062,000. Finally, Colonial River Investments LLC acquired a new position in Avidity Biosciences during the 3rd quarter worth about $283,000.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price for the company. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, TD Cowen upped 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. Nine 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 a consensus price target of $63.22.

Insider Activity

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. The trade was a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael F. Maclean sold 11,510 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $506,440.00. Following the completion of the sale, the chief financial officer now owns 96,355 shares of the company’s stock, valued at $4,239,620. This trade represents a 10.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 150,866 shares of company stock valued at $6,724,557 in the last quarter. Company insiders own 3.68% of the company’s stock.

Avidity Biosciences Trading Down 2.2 %

Shares of RNA opened at $42.71 on Friday. The stock has a market cap of $5.10 billion, a P/E ratio of -14.83 and a beta of 0.91. Avidity Biosciences, Inc. has a 1 year low of $5.93 and a 1 year high of $56.00. The stock’s 50-day moving average price is $45.41 and its two-hundred day moving average price is $40.68.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. As a group, equities analysts forecast that Avidity Biosciences, Inc. will post -2.84 EPS for the current year.

About Avidity Biosciences

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.