Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Purchased by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. increased its stake in Avidity Biosciences by 109.1%, owning 69,265 shares valued at $2.05 million as of the end of the most recent quarter.
• Several hedge funds have made significant adjustments to their positions in Avidity Biosciences, including a 646.3% increase by TD Waterhouse Canada Inc. during the fourth quarter.
• Avidity Biosciences has received multiple analyst upgrades, with price targets raised by firms like Citigroup and Chardan Capital, reflecting a strong consensus rating of "buy" among analysts.

Envestnet Asset Management Inc. increased its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 109.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,265 shares of the biotechnology company's stock after buying an additional 36,133 shares during the quarter. Envestnet Asset Management Inc. owned about 0.06% of Avidity Biosciences worth $2,045,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RNA. TD Waterhouse Canada Inc. grew its position in shares of Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 866 shares during the last quarter. Parallel Advisors LLC grew its holdings in Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after acquiring an additional 515 shares during the period. Headlands Technologies LLC bought a new position in shares of Avidity Biosciences during the fourth quarter worth $60,000. GF Fund Management CO. LTD. bought a new stake in Avidity Biosciences in the 4th quarter valued at $73,000. Finally, Amalgamated Bank lifted its position in Avidity Biosciences by 12.0% during the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after buying an additional 418 shares in the last quarter.

Analysts Set New Price Targets

Several equities analysts have issued reports on RNA shares. Needham & Company LLC restated a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. JPMorgan Chase & Co. raised their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. HC Wainwright reduced their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a report on Monday, May 12th. Barclays boosted their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Friday, June 27th. 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. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $66.35.

Insider Buying and Selling

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $32.48, for a total value of $190,820.00. Following the completion of the sale, the insider directly owned 50,554 shares in the company, valued at $1,641,993.92. This trade represents a 10.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider W. Michael Flanagan sold 20,000 shares of Avidity Biosciences stock in a transaction that occurred 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 transaction, the insider owned 80,195 shares of the company's stock, valued at $2,636,811.60. The trade was a 19.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,786 shares of company stock worth $875,969 in the last 90 days. Company insiders own 3.83% of the company's stock.

Avidity Biosciences Trading Down 2.2%

Shares of Avidity Biosciences stock traded down $0.79 during trading on Friday, reaching $35.92. The stock had a trading volume of 2,254,318 shares, compared to its average volume of 1,634,745. The company has a market capitalization of $4.33 billion, a price-to-earnings ratio of -11.97 and a beta of 0.91. The stock has a fifty day moving average price of $31.88 and a two-hundred day moving average price of $30.70. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00.

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