Van ECK Associates Corp Purchases Shares of 1,315 Avidity Biosciences, Inc. (NASDAQ:RNA)

Van ECK Associates Corp purchased a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,315 shares of the biotechnology company’s stock, valued at approximately $38,000.

A number of other hedge funds have also recently added to or reduced their stakes in RNA. National Bank of Canada FI bought a new position in Avidity Biosciences in the third quarter worth $27,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences during the 3rd quarter worth about $30,000. Quest Partners LLC grew its position in shares of 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 during the period. KBC Group NV lifted its holdings in shares of Avidity Biosciences by 99.0% during the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock valued at $130,000 after purchasing an additional 2,226 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Avidity Biosciences by 48.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,236 shares of the biotechnology company’s stock valued at $179,000 after purchasing an additional 1,381 shares in the last quarter.

Avidity Biosciences Trading Down 1.9 %

Shares of RNA stock opened at $30.53 on Tuesday. Avidity Biosciences, Inc. has a 12-month low of $14.10 and a 12-month high of $56.00. The stock’s 50-day moving average price is $31.17 and its 200-day moving average price is $39.24. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of -10.60 and a beta of 1.00.

Insiders Place Their Bets

In other news, CEO Sarah Boyce sold 31,855 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the transaction, the chief executive officer now directly owns 265,308 shares of the company’s stock, valued at approximately $8,664,959.28. This represents a 10.72 % decrease in their ownership of the stock. The sale 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 on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares in the company, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 129,138 shares of company stock valued at $4,229,012 over the last ninety days. 3.68% of the stock is owned by insiders.

Analysts Set New Price Targets

RNA has been the topic of a number of analyst reports. HC Wainwright reiterated a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Friday, January 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a report on Tuesday, January 21st. Chardan Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has a consensus rating of “Buy” and an average price target of $65.80.

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.