Fred Alger Management LLC Has $796,000 Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Fred Alger Management LLC increased its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 10.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,320 shares of the biotechnology company’s stock after buying an additional 1,695 shares during the period. Fred Alger Management LLC’s holdings in Avidity Biosciences were worth $796,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in RNA. D. E. Shaw & Co. Inc. lifted its holdings in shares of Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after acquiring an additional 707,773 shares during the period. Sofinnova Investments Inc. acquired a new stake in shares of Avidity Biosciences in the 2nd quarter valued at $875,000. Darwin Global Management Ltd. bought a new position in shares of Avidity Biosciences in the 2nd quarter valued at $8,108,000. American Century Companies Inc. raised its holdings in shares of Avidity Biosciences by 18.5% during the 2nd quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company’s stock worth $6,725,000 after buying an additional 25,663 shares in the last quarter. Finally, Assetmark Inc. bought a new stake in shares of Avidity Biosciences during the 3rd quarter worth $566,000.

Avidity Biosciences Stock Down 0.7 %

Shares of NASDAQ:RNA opened at $43.03 on Monday. The business has a fifty day simple moving average of $45.44 and a 200 day simple moving average of $41.50. Avidity Biosciences, Inc. has a 12-month low of $6.79 and a 12-month high of $56.00. The firm has a market cap of $5.13 billion, a P/E ratio of -14.94 and a beta of 0.91.

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, topping analysts’ consensus estimates of ($0.79) by $0.14. 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 $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, equities research analysts expect that Avidity Biosciences, Inc. will post -2.84 EPS for the current year.

Insider Transactions at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 13,153 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the sale, the insider now owns 69,018 shares of the company’s stock, valued at $3,036,792. This trade represents a 16.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 14,830 shares in the company, valued at approximately $678,175.90. This trade represents a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 150,866 shares of company stock worth $6,724,557. Company insiders own 3.68% of the company’s stock.

Wall Street Analyst Weigh In

RNA has been the subject of several research analyst reports. Chardan Capital reissued a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. TD Cowen upped their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Buy” and a consensus price target of $63.60.

About Avidity Biosciences

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.