Raymond James Financial Inc. Takes Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Raymond James Financial Inc. bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 198,907 shares of the biotechnology company’s stock, valued at approximately $5,784,000. Raymond James Financial Inc. owned 0.17% of Avidity Biosciences as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Aaron Wealth Advisors LLC raised its stake in shares of Avidity Biosciences by 6.6% in the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock valued at $236,000 after acquiring an additional 504 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of Avidity Biosciences by 0.3% during the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after buying an additional 598 shares during the period. Xponance Inc. raised its holdings in Avidity Biosciences by 11.0% in the fourth quarter. Xponance Inc. now owns 7,957 shares of the biotechnology company’s stock valued at $231,000 after acquiring an additional 791 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Avidity Biosciences by 0.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,855 shares of the biotechnology company’s stock worth $6,335,000 after acquiring an additional 830 shares during the last quarter. Finally, Van ECK Associates Corp acquired a new position in Avidity Biosciences during the 4th quarter worth approximately $38,000.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. This trade represents a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 31,540 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares in the company, valued at $9,500,353.26. The trade was a 9.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,803 shares of company stock worth $1,876,027 over the last 90 days. Company insiders own 3.68% of the company’s stock.

Avidity Biosciences Trading Up 0.8 %

NASDAQ:RNA opened at $30.93 on Friday. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The stock’s 50 day simple moving average is $29.30 and its 200-day simple moving average is $34.76. The firm has a market cap of $3.72 billion, a P/E ratio of -10.74 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The firm had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on RNA shares. HC Wainwright reissued a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Royal Bank of Canada restated an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Chardan Capital reissued a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price on the stock. Finally, Scotiabank assumed coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target for the company. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $66.69.

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.