Intech Investment Management LLC Makes New Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Intech Investment Management LLC purchased a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 37,036 shares of the biotechnology company’s stock, valued at approximately $1,701,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Avidity Biosciences by 3,836.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,025 shares of the biotechnology company’s stock worth $9,968,000 after acquiring an additional 211,512 shares in the last quarter. Quest Partners LLC boosted its holdings in Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Avidity Biosciences by 52.1% in the third quarter. Victory Capital Management Inc. now owns 33,184 shares of the biotechnology company’s stock valued at $1,524,000 after purchasing an additional 11,367 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Avidity Biosciences in the third quarter valued at approximately $660,000. Finally, State of New Jersey Common Pension Fund D bought a new position in shares of Avidity Biosciences in the third quarter valued at approximately $2,062,000.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 target price on the stock. Barclays assumed coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Evercore ISI decreased their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, August 26th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $63.22.

Insiders Place Their Bets

In other Avidity Biosciences news, Director Arthur A. Levin sold 3,323 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total value of $139,964.76. Following the completion of the sale, the director now directly owns 14,830 shares of the company’s stock, valued at $624,639.60. This trade represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction on Monday, November 18th. The shares were sold at an average price of $41.14, for a total value of $1,028,500.00. Following the completion of the transaction, the insider now owns 94,018 shares of the company’s stock, valued at approximately $3,867,900.52. This trade represents a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 150,866 shares of company stock valued at $6,724,557 over the last ninety days. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Trading Up 4.3 %

Shares of RNA opened at $45.13 on Tuesday. The stock has a 50 day moving average of $45.51 and a 200 day moving average of $41.14. Avidity Biosciences, Inc. has a 12 month low of $5.97 and a 12 month high of $56.00. The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of -15.67 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -2.84 earnings per share 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.