Assenagon Asset Management S.A. Makes New Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Assenagon Asset Management S.A. acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 40,559 shares of the biotechnology company’s stock, valued at approximately $1,179,000.

A number of other institutional investors have also made changes to their positions in RNA. PEAK6 Investments LLC grew its stake in shares of Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after buying an additional 343 shares in the last quarter. National Bank of Canada FI bought a new stake in Avidity Biosciences during the third quarter worth $27,000. Allspring Global Investments Holdings LLC acquired a new stake in Avidity Biosciences in the third quarter valued at $30,000. Values First Advisors Inc. bought a new position in shares of Avidity Biosciences in the 3rd quarter valued at about $32,000. Finally, Amalgamated Bank increased its stake in shares of Avidity Biosciences by 39.0% during the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 982 shares during the last quarter.

Insider Transactions at Avidity Biosciences

In other news, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred 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 directly owns 94,018 shares in the company, valued at approximately $3,867,900.52. The trade was a 21.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael F. Maclean sold 3,287 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $93,975.33. Following the sale, the chief financial officer now directly owns 104,655 shares of the company’s stock, valued at approximately $2,992,086.45. This trade represents a 3.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 151,586 shares of company stock valued at $5,208,537. 3.68% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on RNA. TD Cowen raised their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research report on Friday, January 10th. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a report on Tuesday. Chardan Capital restated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $65.80.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $29.67 on Friday. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of -10.30 and a beta of 0.99. The stock’s fifty day moving average price is $34.13 and its two-hundred day moving average price is $41.03. Avidity Biosciences, Inc. has a one year low of $10.27 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. On average, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Avidity Biosciences Company 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.