Waverly Advisors LLC Invests $259,000 in Avidity Biosciences, Inc. (NASDAQ:RNA)

Waverly Advisors LLC acquired a new position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 8,914 shares of the biotechnology company's stock, valued at approximately $259,000.

Several other hedge funds also recently made changes to their positions in 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 acquired a new position in Avidity Biosciences during the 4th quarter valued at $38,000. Headlands Technologies LLC acquired a new position in Avidity Biosciences during the 4th quarter valued at $60,000. KBC Group NV raised its stake 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 raised its stake 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.

Wall Street Analyst Weigh In

Several equities analysts recently commented on RNA shares. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price for the company. Chardan Capital reiterated a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, May 7th. Needham & Company LLC reiterated 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 cut their target price on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Finally, Citigroup started coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 target price for the company. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $66.38.

Avidity Biosciences Price Performance

Shares of RNA traded up $0.55 during trading hours on Wednesday, hitting $30.90. The stock had a trading volume of 886,265 shares, compared to its average volume of 1,433,730. The company's fifty day moving average is $29.06 and its two-hundred day moving average is $32.16. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of -10.73 and a beta of 1.00. 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 announced its quarterly 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). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. Equities analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the sale, the insider now owns 50,554 shares of the company's stock, valued at approximately $1,406,917.82. This represents a 10.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 305,871 shares of the company's stock, valued at approximately $9,500,353.26. The trade was a 9.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,803 shares of company stock valued at $1,877,437 in the last ninety days. 3.83% of the stock is currently owned by corporate insiders.

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.