Envestnet Asset Management Inc. Acquires 36,133 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

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. raised its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 109.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,265 shares of the biotechnology company's stock after acquiring an additional 36,133 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of Avidity Biosciences worth $2,045,000 as of its most recent SEC filing.

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

Avidity Biosciences Price Performance

NASDAQ RNA traded down $0.79 during mid-day trading on Friday, reaching $35.92. 2,254,318 shares of the stock were exchanged, compared to its average volume of 2,798,632. The stock has a market cap of $4.33 billion, a P/E ratio of -11.97 and a beta of 0.95. The stock has a 50 day simple moving average of $31.98 and a 200-day simple moving average of $30.76. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00.

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Barclays raised their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Citigroup increased their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Sanford C. Bernstein began coverage on shares of Avidity Biosciences in a research report on Tuesday, June 24th. They set an "outperform" rating and a $50.00 target price on the stock. The Goldman Sachs Group upgraded shares of Avidity Biosciences to a "buy" rating and set a $55.00 target price on the stock in a research report on Thursday, July 10th. Finally, Chardan Capital increased their target price on shares of Avidity Biosciences from $65.00 to $75.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Sixteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $66.35.

Insider Activity

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

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.