Connor Clark & Lunn Investment Management Ltd. Has $9.97 Million Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 3,836.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 217,025 shares of the biotechnology company’s stock after purchasing an additional 211,512 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Avidity Biosciences were worth $9,968,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences during the 3rd quarter worth $30,000. Values First Advisors Inc. bought a new stake in shares of Avidity Biosciences during the 3rd quarter valued at approximately $32,000. Quarry LP lifted its stake in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after acquiring an additional 1,700 shares during the last quarter. Quest Partners LLC boosted its stake in shares of Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares in the last quarter. Finally, nVerses Capital LLC increased its position in Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after acquiring an additional 700 shares during the period.

Insider Buying and Selling at Avidity Biosciences

In other news, CEO Sarah Boyce sold 32,880 shares of Avidity Biosciences stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the transaction, the chief executive officer now directly owns 234,663 shares in the company, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Arthur A. Levin sold 3,323 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total value of $139,964.76. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at $624,639.60. This trade represents a 18.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 150,866 shares of company stock valued at $6,724,557. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock opened at $42.71 on Friday. Avidity Biosciences, Inc. has a 1 year low of $5.93 and a 1 year high of $56.00. The firm has a market cap of $5.10 billion, a PE ratio of -14.83 and a beta of 0.91. The company has a 50 day simple moving average of $45.41 and a two-hundred day simple moving average of $40.68.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. As a group, research analysts anticipate that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RNA has been the topic of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. TD Cowen raised their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Evercore ISI decreased their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 26th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences has a consensus rating of “Buy” and a consensus target price of $63.22.

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.