XTX Topco Ltd Takes Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

XTX Topco Ltd bought a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,037 shares of the biotechnology company’s stock, valued at approximately $277,000.

Several other hedge funds have also recently made changes to their positions in RNA. National Bank of Canada FI bought a new stake in Avidity Biosciences in the third quarter worth about $27,000. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences in the third quarter worth about $30,000. Values First Advisors Inc. bought a new stake in Avidity Biosciences in the third quarter worth about $32,000. Quarry LP lifted its stake in Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC lifted its stake 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 purchasing an additional 1,392 shares during the last quarter.

Avidity Biosciences Stock Down 1.9 %

Shares of RNA stock opened at $32.74 on Wednesday. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of -11.37 and a beta of 0.89. The company’s 50 day moving average is $43.24 and its 200 day moving average is $42.27. Avidity Biosciences, Inc. has a 52-week low of $8.37 and a 52-week high of $56.00.

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

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total value of $228,650.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. The trade was a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 32,880 shares of Avidity Biosciences stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the transaction, the chief executive officer now directly owns 234,663 shares in the company, valued at $10,325,172. This represents a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 174,866 shares of company stock valued at $7,583,037 over the last ninety days. 3.68% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RNA. Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. Royal Bank of Canada began coverage on shares of Avidity Biosciences in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price objective for the company. Chardan Capital reissued a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. TD Cowen lifted their price target 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $63.60.

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.