Aigen Investment Management LP Makes New $473,000 Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Aigen Investment Management LP acquired a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,270 shares of the biotechnology company’s stock, valued at approximately $473,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of RNA. Wellington Management Group LLP lifted its stake in Avidity Biosciences by 84.9% in 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 during the period. State Street Corp increased its position in Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after purchasing an additional 1,386,087 shares during the period. Janus Henderson Group PLC raised its holdings in 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 worth $224,774,000 after purchasing an additional 1,239,323 shares in the last quarter. RA Capital Management L.P. lifted its position in shares of 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 worth $289,378,000 after purchasing an additional 900,000 shares during the period. Finally, FMR LLC boosted its stake in shares of Avidity Biosciences by 4.3% during 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 in the last quarter.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Scotiabank started coverage on shares of Avidity Biosciences in a research note on Friday. They issued a “sector outperform” rating and a $70.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Barclays decreased their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, HC Wainwright restated a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a report on Friday, January 10th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and an average price target of $65.64.

Insider Activity

In other news, insider W. Michael Flanagan sold 24,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total transaction of $858,480.00. Following the transaction, the insider now directly owns 85,389 shares of the company’s stock, valued at $3,054,364.53. This represents a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares of the company’s stock, valued at $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 129,138 shares of company stock worth $4,229,012 over the last 90 days. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Trading Down 0.2 %

NASDAQ RNA opened at $30.29 on Friday. Avidity Biosciences, Inc. has a 12 month low of $20.34 and a 12 month high of $56.00. The stock’s fifty day moving average price is $30.85 and its 200-day moving average price is $38.47. The stock has a market cap of $3.61 billion, a P/E ratio of -10.52 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The firm had revenue of $2.97 million for the quarter, compared to analysts’ expectations 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, analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

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.