Twinbeech Capital LP Invests $563,000 in Avidity Biosciences, Inc. (NASDAQ:RNA)

Twinbeech Capital LP bought a new position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 19,345 shares of the biotechnology company's stock, valued at approximately $563,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. TD Waterhouse Canada Inc. grew its position in Avidity Biosciences by 646.3% during the 4th 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. Van ECK Associates Corp purchased a new stake in Avidity Biosciences during the 4th quarter valued at about $38,000. Headlands Technologies LLC purchased a new stake in Avidity Biosciences during the 4th quarter valued at about $60,000. KBC Group NV grew its position in Avidity Biosciences by 99.0% during the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock valued at $130,000 after purchasing an additional 2,226 shares during the last quarter. Finally, US Bancorp DE grew its position in Avidity Biosciences by 25.2% during the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock valued at $191,000 after purchasing an additional 1,324 shares during the last quarter.

Insider Transactions at Avidity Biosciences

In related news, CFO Michael F. Maclean sold 7,935 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $246,461.10. Following the sale, the chief financial officer now owns 96,720 shares in the company, valued at $3,004,123.20. This represents a 7.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $32.40, for a total value of $190,350.00. Following the completion of the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at $1,637,949.60. The trade was a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,803 shares of company stock worth $1,877,437. 3.83% of the stock is currently owned by insiders.

Avidity Biosciences Trading Up 1.2%

NASDAQ RNA traded up $0.36 on Wednesday, reaching $30.71. 144,421 shares of the stock were exchanged, compared to its average volume of 1,431,967. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The firm has a market capitalization of $3.70 billion, a PE ratio of -10.65 and a beta of 1.00. The company's 50-day simple moving average is $29.06 and its two-hundred day simple moving average is $32.17.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted 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 business had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on RNA shares. Citigroup assumed coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They set a "buy" rating and a $70.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. HC Wainwright lowered their target price on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Chardan Capital restated a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, May 7th. Finally, Bank of America lowered their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $66.38.

Avidity Biosciences Company 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.