12,504 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Purchased by HighVista Strategies LLC

HighVista Strategies LLC purchased a new stake in 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 12,504 shares of the biotechnology company’s stock, valued at approximately $574,000.

A number of other large investors also recently bought and sold shares of the stock. Fred Alger Management LLC lifted its holdings in Avidity Biosciences by 10.8% in the third quarter. Fred Alger Management LLC now owns 17,320 shares of the biotechnology company’s stock valued at $796,000 after acquiring an additional 1,695 shares during the period. Verition Fund Management LLC lifted its holdings in Avidity Biosciences by 175.7% in the third quarter. Verition Fund Management LLC now owns 20,416 shares of the biotechnology company’s stock valued at $938,000 after acquiring an additional 13,011 shares during the period. PEAK6 Investments LLC lifted its holdings in Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after acquiring an additional 343 shares during the period. MetLife Investment Management LLC lifted its holdings in Avidity Biosciences by 6.9% in the third quarter. MetLife Investment Management LLC now owns 62,364 shares of the biotechnology company’s stock valued at $2,864,000 after acquiring an additional 4,017 shares during the period. Finally, Advantage Alpha Capital Partners LP acquired a new position in Avidity Biosciences in the third quarter valued at approximately $471,000.

Insider Buying and Selling at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at $678,175.90. This represents a 25.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the transaction, the chief executive officer now directly owns 234,663 shares in the company, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 150,866 shares of company stock worth $6,724,557 in the last three months. 3.68% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RNA shares. Barclays started coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price for the company. Royal Bank of Canada started coverage on Avidity Biosciences in a research note on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price for the company. The Goldman Sachs Group started coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price for the company. Chardan Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $63.60.

Avidity Biosciences Stock Down 6.8 %

Shares of NASDAQ:RNA opened at $38.48 on Wednesday. The business has a fifty day moving average of $45.40 and a two-hundred day moving average of $41.67. The stock has a market cap of $4.59 billion, a P/E ratio of -13.36 and a beta of 0.89. Avidity Biosciences, Inc. has a 52-week low of $6.79 and a 52-week high of $56.00.

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

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.