Daiwa Securities Group Inc. Purchases 3,182 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Daiwa Securities Group Inc. boosted its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 43.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,537 shares of the biotechnology company’s stock after acquiring an additional 3,182 shares during the period. Daiwa Securities Group Inc.’s holdings in Avidity Biosciences were worth $95,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RNA. Nisa Investment Advisors LLC boosted its holdings in Avidity Biosciences by 15,900.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 3,180 shares in the last quarter. Aigen Investment Management LP acquired a new stake in Avidity Biosciences during the third quarter valued at approximately $71,000. China Universal Asset Management Co. Ltd. boosted its holdings in Avidity Biosciences by 352.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock valued at $78,000 after purchasing an additional 6,675 shares in the last quarter. Sherbrooke Park Advisers LLC acquired a new stake in Avidity Biosciences during the third quarter valued at approximately $107,000. Finally, Quantbot Technologies LP boosted its holdings in Avidity Biosciences by 212.1% during the third quarter. Quantbot Technologies LP now owns 20,600 shares of the biotechnology company’s stock valued at $131,000 after purchasing an additional 14,000 shares in the last quarter.

Wall Street Analysts Forecast Growth

RNA has been the topic of a number of recent research reports. Wells Fargo & Company reaffirmed an “overweight” rating and set a $50.00 price objective on shares of Avidity Biosciences in a report on Wednesday, January 3rd. Chardan Capital reissued a “buy” rating and issued a $23.00 target price on shares of Avidity Biosciences in a report on Thursday, February 29th. Cantor Fitzgerald assumed coverage on Avidity Biosciences in a report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $35.00 target price on shares of Avidity Biosciences in a report on Thursday, April 11th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus target price of $36.33.

Insiders Place Their Bets

In other Avidity Biosciences news, Director Arthur A. Levin sold 27,641 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $22.03, for a total transaction of $608,931.23. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $326,704.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Avidity Biosciences news, CEO Sarah Boyce sold 84,000 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the completion of the sale, the chief executive officer now owns 112,117 shares in the company, valued at approximately $2,398,182.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 27,641 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $22.03, for a total transaction of $608,931.23. Following the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $326,704.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 204,641 shares of company stock valued at $4,676,431. 2.00% of the stock is currently owned by corporate insiders.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $24.36 on Friday. The stock’s fifty day moving average price is $22.15 and its two-hundred day moving average price is $13.31. Avidity Biosciences, Inc. has a 52-week low of $4.82 and a 52-week high of $27.66. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -8.40 and a beta of 0.78.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by ($0.25). Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. The firm had revenue of $2.19 million for the quarter, compared to analyst estimates of $32.08 million. On average, equities analysts predict that Avidity Biosciences, Inc. will post -3.07 EPS for the current fiscal year.

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.