Advantage Alpha Capital Partners LP Invests $471,000 in Avidity Biosciences, Inc. (NASDAQ:RNA)

Advantage Alpha Capital Partners LP purchased a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,248 shares of the biotechnology company’s stock, valued at approximately $471,000.

Several other large investors have also bought and sold shares of RNA. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences during the third quarter worth about $30,000. Values First Advisors Inc. acquired a new stake in shares of Avidity Biosciences in the 3rd quarter valued at approximately $32,000. Quarry LP boosted its stake in Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,700 shares during the last quarter. Quest Partners LLC grew its holdings in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares during the period. Finally, nVerses Capital LLC increased its stake in Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after purchasing an additional 700 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RNA. TD Cowen boosted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Evercore ISI cut their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Finally, Royal Bank of Canada started coverage on Avidity Biosciences in a research note on Tuesday. They set an “outperform” rating and a $67.00 target price for the company. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $63.60.

Avidity Biosciences Trading Down 2.9 %

NASDAQ RNA opened at $43.80 on Wednesday. The firm’s 50 day moving average is $45.51 and its 200-day moving average is $41.14. Avidity Biosciences, Inc. has a 12-month low of $5.97 and a 12-month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, research analysts predict that Avidity Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now owns 69,018 shares in the company, valued at $3,036,792. This trade represents a 16.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Arthur A. Levin sold 3,323 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total transaction of $139,964.76. Following the transaction, the director now owns 14,830 shares in the company, valued at $624,639.60. This represents a 18.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 150,866 shares of company stock valued at $6,724,557. 3.68% of the stock is owned by insiders.

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.