13,281 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Bought by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 13,281 shares of the biotechnology company’s stock, valued at approximately $386,000.

Several other hedge funds have also recently added to or reduced their stakes in RNA. Allspring Global Investments Holdings LLC acquired a new stake in Avidity Biosciences during the 3rd quarter worth $30,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Avidity Biosciences by 48.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,236 shares of the biotechnology company’s stock worth $179,000 after purchasing an additional 1,381 shares during the period. Fiera Capital Corp acquired a new stake in shares of Avidity Biosciences during the third quarter worth about $19,805,000. Assetmark Inc. bought a new position in shares of Avidity Biosciences during the 3rd quarter valued at about $566,000. Finally, Privium Fund Management B.V. grew its position in shares of Avidity Biosciences by 15.1% in the 3rd quarter. Privium Fund Management B.V. now owns 25,600 shares of the biotechnology company’s stock valued at $1,176,000 after purchasing an additional 3,358 shares during the period.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $29.22 on Tuesday. The firm’s fifty day moving average price is $30.96 and its two-hundred day moving average price is $38.70. The stock has a market cap of $3.49 billion, a PE ratio of -10.15 and a beta of 1.00. Avidity Biosciences, Inc. has a fifty-two week low of $16.30 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. As a group, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research note on Friday, January 10th. Barclays dropped their price target on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Chardan Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Friday. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $65.20.

Insider Buying and Selling

In other Avidity Biosciences news, CFO Michael F. Maclean sold 3,287 shares of Avidity Biosciences stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $93,975.33. Following the sale, the chief financial officer now owns 104,655 shares of the company’s stock, valued at approximately $2,992,086.45. The trade was a 3.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider W. Michael Flanagan sold 24,000 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total value of $858,480.00. Following the completion of the sale, the insider now owns 85,389 shares in the company, valued at $3,054,364.53. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 129,138 shares of company stock valued at $4,229,012 over the last ninety days. 3.68% of the stock is owned by corporate insiders.

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.