Precision Wealth Strategies LLC Takes $251,000 Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Precision Wealth Strategies LLC purchased a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 5,468 shares of the biotechnology company’s stock, valued at approximately $251,000.

Several other institutional investors and hedge funds also recently made changes to their positions in RNA. Wellington Management Group LLP grew its stake in shares of Avidity Biosciences by 17.4% during the 4th quarter. Wellington Management Group LLP now owns 291,218 shares of the biotechnology company’s stock worth $2,636,000 after acquiring an additional 43,147 shares during the period. Hennion & Walsh Asset Management Inc. grew its stake in shares of Avidity Biosciences by 2.5% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company’s stock worth $1,862,000 after acquiring an additional 1,777 shares during the period. Privium Fund Management B.V. bought a new position in shares of Avidity Biosciences during the 1st quarter worth $205,000. Janney Montgomery Scott LLC bought a new position in shares of Avidity Biosciences during the 1st quarter worth $221,000. Finally, Swiss National Bank grew its stake in shares of Avidity Biosciences by 20.5% during the 1st quarter. Swiss National Bank now owns 140,800 shares of the biotechnology company’s stock worth $3,593,000 after acquiring an additional 24,000 shares during the period.

Insider Transactions at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $45.19, for a total transaction of $225,950.00. Following the sale, the director now directly owns 14,830 shares in the company, valued at $670,167.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the sale, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $45.19, for a total value of $225,950.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at $670,167.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 150,543 shares of company stock worth $6,762,692. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock opened at $46.71 on Tuesday. The business’s 50 day simple moving average is $44.37 and its two-hundred day simple moving average is $37.56. The stock has a market capitalization of $5.13 billion, a P/E ratio of -15.89 and a beta of 0.89. Avidity Biosciences, Inc. has a one year low of $4.82 and a one year high of $50.78.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The firm had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. Sell-side analysts expect that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RNA shares. Evercore ISI cut their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. TD Cowen raised their target price on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday. The Goldman Sachs Group started coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 target price for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $62.67.

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.