Y Intercept Hong Kong Ltd Acquires Shares of 13,281 Avidity Biosciences, Inc. (NASDAQ:RNA)

Y Intercept Hong Kong Ltd bought a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,281 shares of the biotechnology company’s stock, valued at approximately $386,000.

A number of other institutional investors have also recently made changes to their positions in the company. PEAK6 Investments LLC boosted its stake in shares of Avidity Biosciences by 4.9% in the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock worth $337,000 after buying an additional 343 shares during the last quarter. Aaron Wealth Advisors LLC boosted its position in Avidity Biosciences by 6.6% in the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after purchasing an additional 504 shares during the last quarter. National Bank of Canada FI purchased a new position in Avidity Biosciences in the third quarter worth about $27,000. New York State Common Retirement Fund grew its stake in shares of Avidity Biosciences by 0.3% during the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock valued at $5,374,000 after purchasing an additional 598 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences during the 3rd quarter valued at about $30,000.

Avidity Biosciences Stock Performance

Shares of RNA opened at $29.22 on Tuesday. The stock has a 50-day moving average of $30.96 and a two-hundred day moving average of $38.70. The stock has a market cap of $3.49 billion, a P/E ratio of -10.15 and a beta of 1.00. Avidity Biosciences, Inc. has a one year low of $16.30 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). 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 $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. Analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Ratings Changes

RNA has been the subject of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Barclays reduced their price target on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Chardan Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Friday. Finally, HC Wainwright reissued a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Friday, January 10th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and an average price target of $65.20.

Insiders Place Their Bets

In related news, CEO Sarah Boyce sold 31,855 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the transaction, the chief executive officer now directly owns 265,308 shares of the company’s stock, valued at approximately $8,664,959.28. This trade represents a 10.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $33.26, for a total value of $831,500.00. Following the completion of the transaction, the insider now directly owns 94,018 shares of the company’s stock, valued at approximately $3,127,038.68. This represents a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 129,138 shares of company stock worth $4,229,012. Company insiders own 3.68% of the company’s stock.

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.