Candriam S.C.A. Increases Stock Position in Avidity Biosciences, Inc. $RNA

Candriam S.C.A. increased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 0.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 442,773 shares of the biotechnology company’s stock after purchasing an additional 3,674 shares during the period. Candriam S.C.A. owned 0.37% of Avidity Biosciences worth $12,575,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of RNA. Westside Investment Management Inc. bought a new stake in Avidity Biosciences during the 2nd quarter valued at $29,000. PNC Financial Services Group Inc. lifted its stake in shares of Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 1,099 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Avidity Biosciences by 123.2% during the 1st quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company’s stock worth $96,000 after purchasing an additional 1,787 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Avidity Biosciences by 149.2% during the first quarter. Russell Investments Group Ltd. now owns 4,378 shares of the biotechnology company’s stock valued at $129,000 after purchasing an additional 2,621 shares in the last quarter. Finally, Strs Ohio purchased a new position in Avidity Biosciences in the first quarter valued at about $180,000.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Eric Mosbrooker sold 6,563 shares of the business’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $47.07, for a total value of $308,920.41. Following the completion of the transaction, the insider owned 55,000 shares in the company, valued at $2,588,850. The trade was a 10.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Troy Edward Wilson sold 29,500 shares of the company’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $50.00, for a total value of $1,475,000.00. Following the sale, the director directly owned 54,425 shares in the company, valued at $2,721,250. This represents a 35.15% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 144,438 shares of company stock valued at $7,122,937. 3.83% of the stock is owned by corporate insiders.

Avidity Biosciences Trading Down 0.1%

RNA stock opened at $70.80 on Friday. The business’s fifty day moving average price is $52.87 and its 200 day moving average price is $41.40. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $71.09. The company has a market capitalization of $10.67 billion, a PE ratio of -16.94 and a beta of 0.97.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.22). The firm had revenue of $12.48 million during the quarter, compared to analyst estimates of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The firm’s quarterly revenue was up 420.8% on a year-over-year basis. Research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on RNA. Raymond James Financial lowered shares of Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 27th. Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Evercore ISI lowered their target price on shares of Avidity Biosciences from $70.00 to $65.00 and set an “outperform” rating for the company in a research note on Monday, September 22nd. Cowen reaffirmed a “hold” rating on shares of Avidity Biosciences in a report on Wednesday. Finally, Leerink Partnrs downgraded Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Nine research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $69.24.

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.