FORA Capital LLC Invests $546,000 in Avidity Biosciences, Inc. (NASDAQ:RNA)

FORA Capital LLC acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 18,787 shares of the biotechnology company's stock, valued at approximately $546,000.

Other hedge funds also recently made changes to their positions in the company. TD Waterhouse Canada Inc. lifted its stake in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 866 shares during the last quarter. Van ECK Associates Corp bought a new position in Avidity Biosciences in the fourth quarter valued at about $38,000. Headlands Technologies LLC bought a new position in shares of Avidity Biosciences in the fourth quarter worth about $60,000. KBC Group NV boosted its stake in shares of Avidity Biosciences by 99.0% in 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 in the last quarter. Finally, US Bancorp DE grew its holdings in shares of 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.

Avidity Biosciences Trading Up 1.9%

NASDAQ:RNA traded up $0.55 during trading hours on Tuesday, reaching $29.88. The company had a trading volume of 1,171,712 shares, compared to its average volume of 1,438,944. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of -10.38 and a beta of 1.00. The firm's 50 day moving average price is $29.27 and its 200-day moving average price is $33.21. 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 posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $1.60 million during 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 fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction dated 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 owns 50,554 shares of the company's stock, valued at approximately $1,637,949.60. This trade represents a 10.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven George Hughes sold 9,578 shares of the firm's 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 $297,492.68. Following the completion of the sale, the insider now directly owns 72,850 shares of the company's stock, valued at $2,262,721. The trade was a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,803 shares of company stock valued at $1,877,437 over the last ninety days. 3.68% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RNA. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Scotiabank began coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price target for the company. Royal Bank of Canada reiterated an "outperform" rating and set a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. BMO Capital Markets began coverage on Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective for the company. Finally, HC Wainwright cut their target price on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a report on Monday. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $66.38.

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.