Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 0.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 217,855 shares of the biotechnology company’s stock after purchasing an additional 830 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.18% of Avidity Biosciences worth $6,335,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. National Bank of Canada FI purchased a new stake in Avidity Biosciences in the 3rd quarter valued at about $27,000. Van ECK Associates Corp acquired a new stake in shares of Avidity Biosciences during the fourth quarter valued at about $38,000. Quest Partners LLC lifted its holdings in shares of Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares during the last quarter. KBC Group NV increased its holdings in 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 during the last quarter. Finally, US Bancorp DE lifted its stake in Avidity Biosciences by 25.2% during the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company’s stock worth $191,000 after purchasing an additional 1,324 shares in the last quarter.

Insider Buying and Selling at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 25,000 shares of the company’s 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 sale, the insider now owns 94,018 shares in the company, valued at $3,127,038.68. This represents a 21.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider W. Michael Flanagan sold 12,742 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the transaction, the insider now directly owns 72,647 shares in the company, valued at $2,372,651.02. The trade was a 14.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,138 shares of company stock worth $3,370,532 over the last 90 days. Corporate insiders own 3.68% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on RNA. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Barclays reduced their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Bank of America cut their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research note on Wednesday. They issued an “outperform” rating and a $72.00 price target for the company. Finally, Scotiabank began coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price objective on the stock. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Stock Down 3.2 %

RNA stock opened at $31.11 on Friday. The business has a 50 day moving average price of $30.99 and a 200 day moving average price of $37.87. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of -10.80 and a beta of 1.02. Avidity Biosciences, Inc. has a fifty-two week low of $21.56 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company 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%. As a group, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current 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.