EFG Asset Management North America Corp. Increases Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

EFG Asset Management North America Corp. lifted its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 94.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,503 shares of the biotechnology company’s stock after purchasing an additional 58,198 shares during the period. EFG Asset Management North America Corp. owned about 0.10% of Avidity Biosciences worth $3,476,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth about $27,000. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $38,000. Quest Partners LLC boosted its position in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares during the last quarter. KBC Group NV grew its stake in Avidity Biosciences by 99.0% in the 4th 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 period. Finally, US Bancorp DE grew its stake in Avidity Biosciences by 25.2% in the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company’s stock worth $191,000 after acquiring an additional 1,324 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on RNA shares. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. HC Wainwright reaffirmed a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Barclays decreased their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Finally, Bank of America dropped their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences currently has an average rating of “Buy” and a consensus price target of $66.69.

Insiders Place Their Bets

In other Avidity Biosciences news, insider Teresa Mccarthy sold 2,959 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the transaction, the insider now directly owns 104,908 shares in the company, valued at $2,999,319.72. This represents a 2.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven George Hughes sold 9,578 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the sale, the insider now directly owns 72,850 shares of the company’s stock, valued at $2,262,721. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 73,443 shares of company stock worth $2,241,889 in the last 90 days. 3.68% of the stock is owned by company insiders.

Avidity Biosciences Trading Up 8.0 %

NASDAQ:RNA opened at $33.30 on Tuesday. The firm’s fifty day simple moving average is $31.21 and its 200 day simple moving average is $37.39. Avidity Biosciences, Inc. has a twelve month low of $21.56 and a twelve month high of $56.00. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of -11.56 and a beta of 1.02.

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