Cibc World Markets Corp Purchases New Shares in Avidity Biosciences, Inc. (NASDAQ:RNA)

Cibc World Markets Corp acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 10,386 shares of the biotechnology company’s stock, valued at approximately $302,000.

Other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after purchasing an additional 3,228,923 shares during the last quarter. State Street Corp boosted its stake in shares of Avidity Biosciences by 41.7% in the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock worth $216,151,000 after buying an additional 1,386,087 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Avidity Biosciences by 33.9% in the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after buying an additional 1,239,323 shares during the last quarter. RA Capital Management L.P. grew its holdings in shares of Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after acquiring an additional 900,000 shares in the last quarter. Finally, FMR LLC increased its position in shares of Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after acquiring an additional 689,729 shares during the last quarter.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $33.30 on Tuesday. Avidity Biosciences, Inc. has a one year low of $21.56 and a one year high of $56.00. The firm has a market capitalization of $4.00 billion, a P/E ratio of -11.56 and a beta of 1.02. The business has a fifty day moving average price of $31.21 and a 200-day moving average price of $37.39.

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

Insider Buying and Selling

In related news, CFO Michael F. Maclean sold 7,935 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the completion of the transaction, the chief financial officer now directly owns 96,720 shares in the company, valued at $3,004,123.20. The trade was a 7.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 2,959 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the sale, the insider now directly owns 104,908 shares in the company, valued at approximately $2,999,319.72. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,443 shares of company stock valued at $2,241,889. Company insiders own 3.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RNA shares. HC Wainwright restated a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price objective on the stock. Barclays reduced their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Finally, Citigroup began coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price target on the stock. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $66.69.

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.