Peak6 LLC Invests $218,000 in Avidity Biosciences, Inc. (NASDAQ:RNA)

Peak6 LLC bought a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 7,500 shares of the biotechnology company’s stock, valued at approximately $218,000.

Several other institutional investors also recently bought and sold shares of RNA. Van ECK Associates Corp purchased a new stake in shares of Avidity Biosciences during the 4th quarter valued at $38,000. Headlands Technologies LLC acquired a new stake in Avidity Biosciences in the fourth quarter worth about $60,000. KBC Group NV grew its stake in shares of Avidity Biosciences by 99.0% during the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock worth $130,000 after acquiring an additional 2,226 shares during the last quarter. US Bancorp DE increased its holdings in shares of Avidity Biosciences by 25.2% during the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company’s stock valued at $191,000 after acquiring an additional 1,324 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at approximately $210,000.

Avidity Biosciences Trading Up 7.0 %

Avidity Biosciences stock opened at $28.52 on Tuesday. The firm has a market cap of $3.43 billion, a PE ratio of -9.90 and a beta of 1.01. The stock’s 50 day simple moving average is $29.44 and its two-hundred day simple moving average is $34.92. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. On average, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Activity

In other Avidity Biosciences news, CFO Michael F. Maclean sold 7,935 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $246,461.10. Following the completion of the transaction, the chief financial officer now directly owns 96,720 shares in the company, valued at approximately $3,004,123.20. This represents a 7.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the sale, the insider now directly owns 50,554 shares of the company’s stock, valued at $1,406,917.82. This represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock worth $1,876,027 in the last ninety days. Company insiders own 3.68% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on RNA shares. Bank of America dropped their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Citigroup began coverage on Avidity Biosciences in a research report on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price on the stock. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Barclays cut their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a report on Tuesday, January 21st. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $66.69.

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.