HighTower Advisors LLC Purchases New Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

HighTower Advisors LLC acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 10,850 shares of the biotechnology company’s stock, valued at approximately $498,000.

Other hedge funds have also modified their holdings of the company. D. E. Shaw & Co. Inc. grew its stake in Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after purchasing an additional 707,773 shares in the last quarter. FMR LLC increased its holdings in shares of Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after purchasing an additional 689,729 shares during the last quarter. Avoro Capital Advisors LLC raised its position in shares of Avidity Biosciences by 11.7% in the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after purchasing an additional 680,000 shares during the period. Fiera Capital Corp bought a new position in shares of Avidity Biosciences in the third quarter valued at about $19,805,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Avidity Biosciences during the 2nd quarter worth about $15,417,000.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA opened at $31.82 on Friday. Avidity Biosciences, Inc. has a 52-week low of $8.49 and a 52-week high of $56.00. The company has a market capitalization of $3.80 billion, a PE ratio of -11.05 and a beta of 0.89. The company has a fifty day moving average of $42.38 and a 200-day moving average of $42.15.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, 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 transaction of $506,440.00. Following the sale, the chief financial officer now owns 96,355 shares of the company’s stock, valued at approximately $4,239,620. This represents a 10.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the sale, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 250,614 shares of company stock worth $10,006,616. Corporate insiders own 3.68% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RNA shares. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Royal Bank of Canada assumed coverage on Avidity Biosciences in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price target for the company. Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Evercore ISI dropped their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, August 26th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $64.36.

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.