Hennion & Walsh Asset Management Inc. Increases Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Hennion & Walsh Asset Management Inc. grew its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 2.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 72,972 shares of the biotechnology company’s stock after purchasing an additional 1,777 shares during the period. Hennion & Walsh Asset Management Inc. owned approximately 0.09% of Avidity Biosciences worth $1,862,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in RNA. Deutsche Bank AG grew its position in Avidity Biosciences by 3.7% during the 3rd quarter. Deutsche Bank AG now owns 134,550 shares of the biotechnology company’s stock valued at $858,000 after purchasing an additional 4,748 shares during the last quarter. Trexquant Investment LP grew its holdings in shares of Avidity Biosciences by 18.5% during the third quarter. Trexquant Investment LP now owns 160,593 shares of the biotechnology company’s stock valued at $1,025,000 after buying an additional 25,109 shares during the last quarter. Sherbrooke Park Advisers LLC bought a new stake in shares of Avidity Biosciences during the third quarter valued at approximately $107,000. Corton Capital Inc. increased its position in shares of Avidity Biosciences by 102.7% during the third quarter. Corton Capital Inc. now owns 25,050 shares of the biotechnology company’s stock valued at $160,000 after acquiring an additional 12,694 shares in the last quarter. Finally, Alps Advisors Inc. lifted its position in Avidity Biosciences by 5.1% in the 3rd quarter. Alps Advisors Inc. now owns 54,730 shares of the biotechnology company’s stock valued at $349,000 after acquiring an additional 2,674 shares in the last quarter.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $40.85 on Friday. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $42.00. The firm has a 50 day moving average of $30.05 and a 200 day moving average of $21.01.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.02. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. The firm had revenue of $3.54 million during the quarter, compared to the consensus estimate of $7.09 million. Analysts anticipate that Avidity Biosciences, Inc. will post -3.15 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $22.82, for a total transaction of $114,100.00. Following the completion of the transaction, the director now directly owns 14,830 shares in the company, valued at approximately $338,420.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $22.82, for a total transaction of $114,100.00. Following the sale, the director now directly owns 14,830 shares in the company, valued at approximately $338,420.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 164,233 shares of the company’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 a total of 474,478 shares of company stock worth $16,306,520 over the last quarter. 3.68% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on RNA. Bank of America boosted their price target on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Chardan Capital raised their price target on shares of Avidity Biosciences from $33.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, June 12th. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 price target on shares of Avidity Biosciences in a research note on Monday, June 10th. Evercore ISI increased their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, June 12th. Finally, Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a research report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 target price for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $44.29.

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.