198,907 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. bought a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 198,907 shares of the biotechnology company’s stock, valued at approximately $5,784,000. Raymond James Financial Inc. owned 0.17% of Avidity Biosciences at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Victory Capital Management Inc. boosted its holdings in Avidity Biosciences by 52.1% during the third quarter. Victory Capital Management Inc. now owns 33,184 shares of the biotechnology company’s stock worth $1,524,000 after purchasing an additional 11,367 shares during the last quarter. Quest Partners LLC lifted its position in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after buying an additional 1,392 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Avidity Biosciences in the 3rd quarter valued at about $1,701,000. Landscape Capital Management L.L.C. acquired a new stake in shares of Avidity Biosciences in the third quarter valued at about $265,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Avidity Biosciences by 24.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock valued at $45,479,000 after acquiring an additional 197,065 shares during the last quarter.

Insider Buying and Selling

In related news, insider Teresa Mccarthy sold 2,959 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the transaction, the insider now directly owns 104,908 shares of the company’s stock, valued at $2,999,319.72. This trade represents a 2.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael F. Maclean sold 3,287 shares of the 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 $93,975.33. Following the sale, the chief financial officer now directly owns 104,655 shares of the company’s stock, valued at $2,992,086.45. The trade was a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 73,443 shares of company stock valued at $2,241,889 over the last ninety days. 3.68% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RNA. Scotiabank initiated coverage on Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Barclays dropped their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, Bank of America reduced their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Price Performance

Shares of RNA opened at $33.30 on Tuesday. The business has a 50-day moving average of $31.21 and a 200-day moving average of $37.39. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of -11.56 and a beta of 1.02. Avidity Biosciences, Inc. has a 1 year low of $21.56 and a 1 year high of $56.00.

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

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.