Raymond James & Associates Has $7.20 Million Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Raymond James & Associates grew its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 2.0% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 156,763 shares of the biotechnology company’s stock after buying an additional 3,131 shares during the period. Raymond James & Associates owned approximately 0.14% of Avidity Biosciences worth $7,200,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in RNA. Aaron Wealth Advisors LLC acquired a new position in Avidity Biosciences in the third quarter worth about $349,000. Teamwork Financial Advisors LLC acquired a new position in Avidity Biosciences in the third quarter worth about $322,000. Creative Planning raised its position in Avidity Biosciences by 76.5% in the third quarter. Creative Planning now owns 23,806 shares of the biotechnology company’s stock worth $1,093,000 after purchasing an additional 10,319 shares in the last quarter. Quarry LP raised its position in Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Algert Global LLC raised its position in Avidity Biosciences by 32.5% in the second quarter. Algert Global LLC now owns 42,563 shares of the biotechnology company’s stock worth $1,739,000 after purchasing an additional 10,443 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RNA. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. Chardan Capital increased their price target on shares of Avidity Biosciences from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target on the stock. TD Cowen increased their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Evercore ISI decreased their price target 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. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $63.22.

Avidity Biosciences Stock Down 3.0 %

Shares of NASDAQ:RNA opened at $43.22 on Thursday. Avidity Biosciences, Inc. has a 12 month low of $4.82 and a 12 month high of $50.78. The company’s fifty day simple moving average is $44.43 and its 200 day simple moving average is $38.46. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of -14.70 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. The business had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. Research analysts expect that Avidity Biosciences, Inc. will post -2.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction on Monday, August 19th. The shares were sold at an average price of $45.19, for a total value of $225,950.00. Following the sale, the director now directly owns 14,830 shares in the company, valued at approximately $670,167.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $45.19, for a total value of $225,950.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at $670,167.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sarah Boyce sold 28,000 shares of Avidity Biosciences stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the completion of the transaction, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at approximately $8,888,614.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 155,543 shares of company stock worth $6,995,842. 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.