Proficio Capital Partners LLC Makes New $1.76 Million Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Proficio Capital Partners LLC acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 60,457 shares of the biotechnology company’s stock, valued at approximately $1,758,000. Proficio Capital Partners LLC owned approximately 0.05% of Avidity Biosciences as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Wellington Management Group LLP raised its position in Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after acquiring an additional 3,228,923 shares in the last quarter. State Street Corp increased its stake in shares of Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock worth $216,151,000 after purchasing an additional 1,386,087 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Avidity Biosciences by 33.9% in the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after purchasing an additional 1,239,323 shares during the period. RA Capital Management L.P. lifted its stake in Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after purchasing an additional 900,000 shares during the last quarter. Finally, FMR LLC lifted its stake in Avidity Biosciences by 4.3% in the 3rd 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.

Avidity Biosciences Stock Performance

RNA opened at $31.72 on Thursday. Avidity Biosciences, Inc. has a 52-week low of $21.56 and a 52-week high of $56.00. The firm has a market cap of $3.81 billion, a P/E ratio of -11.01 and a beta of 1.02. The business’s fifty day moving average is $31.06 and its 200-day moving average is $37.63.

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

Insider Buying and Selling

In other news, insider Teresa Mccarthy sold 2,959 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $84,597.81. Following the sale, the insider now directly owns 104,908 shares in the company, valued at approximately $2,999,319.72. This trade represents a 2.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the transaction, the director now owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,390 shares of company stock worth $718,303. Corporate insiders own 3.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RNA shares. BMO Capital Markets started coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price objective on the stock. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Monday. Finally, Barclays reduced their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $66.69.

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.