Assetmark Inc. Has $816,000 Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Key Points

• Assetmark Inc. increased its holdings in Avidity Biosciences by 120.2% in the first quarter, owning 27,654 shares valued at $816,000 after acquiring an additional 15,093 shares.
• Price targets for Avidity Biosciences have been raised by several analysts, with JPMorgan and Barclays both setting new targets of $59.00 and analysts showing a consensus target price of $66.35.
• The stock is currently trading at $35.92, with a recent quarterly loss reported at ($0.90) EPS, missing estimates, amidst a market capitalization of $4.33 billion.

Assetmark Inc. boosted its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 120.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,654 shares of the biotechnology company's stock after buying an additional 15,093 shares during the period. Assetmark Inc.'s holdings in Avidity Biosciences were worth $816,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. TD Waterhouse Canada Inc. raised its stake in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 866 shares in the last quarter. Parallel Advisors LLC raised its stake in Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after acquiring an additional 515 shares in the last quarter. Headlands Technologies LLC acquired a new position in Avidity Biosciences during the fourth quarter worth $60,000. GF Fund Management CO. LTD. acquired a new position in Avidity Biosciences during the fourth quarter worth $73,000. Finally, IFP Advisors Inc raised its stake in Avidity Biosciences by 123.2% during the first quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company's stock worth $96,000 after acquiring an additional 1,787 shares in the last quarter.

Insiders Place Their Bets

In related news, insider W. Michael Flanagan sold 20,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total transaction of $657,600.00. Following the sale, the insider directly owned 80,195 shares in the company, valued at $2,636,811.60. This trade represents a 19.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Kathleen P. Gallagher sold 911 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $30.24, for a total transaction of $27,548.64. Following the transaction, the insider owned 50,392 shares of the company's stock, valued at $1,523,854.08. The trade was a 1.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,786 shares of company stock worth $875,969. 3.83% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RNA shares. The Goldman Sachs Group raised Avidity Biosciences to a "buy" rating and set a $55.00 price objective on the stock in a research note on Thursday, July 10th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Barclays lifted their target price on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Evercore ISI reissued an "outperform" rating and issued a $70.00 target price on shares of Avidity Biosciences in a research note on Friday, July 11th. Finally, Wolfe Research assumed coverage on Avidity Biosciences in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 target price for the company. Sixteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and a consensus target price of $66.35.

Avidity Biosciences Trading Down 2.2%

Shares of RNA stock traded down $0.79 on Friday, hitting $35.92. The stock had a trading volume of 2,254,318 shares, compared to its average volume of 2,798,632. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The firm has a market cap of $4.33 billion, a P/E ratio of -11.97 and a beta of 0.95. The company has a fifty day moving average price of $31.98 and a two-hundred day moving average price of $30.78.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 26.96% and a negative net margin of 4,136.00%. The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. On average, analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

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.