SG Americas Securities LLC Purchases New Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

SG Americas Securities LLC purchased a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 17,490 shares of the biotechnology company's stock, valued at approximately $516,000.

A number of other hedge funds have also modified their holdings of RNA. TD Waterhouse Canada Inc. lifted its stake 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 valued at $29,000 after acquiring an additional 866 shares during the last quarter. Van ECK Associates Corp bought a new position in shares of Avidity Biosciences during the 4th quarter valued at $38,000. Parallel Advisors LLC lifted its stake in shares of 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 purchasing an additional 515 shares during the last quarter. Headlands Technologies LLC bought a new stake in Avidity Biosciences in the fourth quarter worth $60,000. Finally, GF Fund Management CO. LTD. bought a new stake in Avidity Biosciences in the fourth quarter worth $73,000.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA traded down $0.07 on Thursday, hitting $29.83. 570,686 shares of the company were exchanged, compared to its average volume of 1,387,636. The company's 50 day moving average price is $30.72 and its two-hundred day moving average price is $30.53. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of -9.94 and a beta of 0.95. 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 released its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative return on equity of 26.96% and a negative net margin of 4,136.00%. Research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Raymond James Financial started coverage on Avidity Biosciences in a research report on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 price target for the company. Bank of America raised their price objective on Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Citigroup upped their target price on Avidity Biosciences from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Sanford C. Bernstein began coverage on Avidity Biosciences in a report on Tuesday. They set an "outperform" rating and a $50.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Sixteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Avidity Biosciences presently has a consensus rating of "Buy" and a consensus price target of $65.59.

Insiders Place Their Bets

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 911 shares of the business's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $30.24, for a total value of $27,548.64. Following the sale, the insider now owns 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction of $657,600.00. Following the sale, the insider now owns 80,195 shares in the company, valued at approximately $2,636,811.60. This trade represents a 19.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,536 shares of company stock worth $1,229,820. 3.83% of the stock is currently owned by company insiders.

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.