GAMMA Investing LLC Has $1.96 Million Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

GAMMA Investing LLC raised its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 3,267.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 66,272 shares of the biotechnology company's stock after purchasing an additional 64,304 shares during the quarter. GAMMA Investing LLC owned 0.06% of Avidity Biosciences worth $1,956,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of RNA. TD Waterhouse Canada Inc. increased its position in Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after buying an additional 866 shares during the last quarter. Van ECK Associates Corp purchased a new stake in Avidity Biosciences in the fourth quarter worth $38,000. Headlands Technologies LLC purchased a new stake in Avidity Biosciences in the fourth quarter worth $60,000. GF Fund Management CO. LTD. bought a new position in shares of Avidity Biosciences in the fourth quarter worth $73,000. Finally, US Bancorp DE boosted its holdings in shares of Avidity Biosciences by 25.2% in the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after acquiring an additional 1,324 shares during the period.

Insiders Place Their Bets

In related news, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares of the company's stock, valued at approximately $9,500,353.26. This trade represents a 9.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider W. Michael Flanagan sold 20,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total transaction of $657,600.00. Following the transaction, the insider now owns 80,195 shares of the company's stock, valued at approximately $2,636,811.60. This trade represents a 19.96% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,678 shares of company stock valued at $2,725,857. 3.83% of the stock is currently owned by insiders.

Analyst Ratings Changes

RNA has been the topic of a number of research reports. Barclays raised their price target on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday. Bank of America boosted their price target on Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Raymond James initiated coverage on Avidity Biosciences in a research report on Wednesday. They issued a "strong-buy" rating and a $65.00 price objective on the stock. Scotiabank initiated coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They set a "sector outperform" rating and a $70.00 target price for the company. Finally, JPMorgan Chase & Co. boosted 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. Fourteen 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.com, Avidity Biosciences currently has an average rating of "Buy" and a consensus price target of $67.33.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $31.37 on Friday. The company has a 50 day moving average price of $29.99 and a 200-day moving average price of $31.17. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The company has a market capitalization of $3.78 billion, a PE ratio of -10.89 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). 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 $1.60 million for the quarter, compared to analysts' expectations of $2.63 million. On average, analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

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.

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