Precision Wealth Strategies LLC Makes New $251,000 Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Precision Wealth Strategies LLC purchased a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the third quarter, HoldingsChannel.com reports. The firm purchased 5,468 shares of the biotechnology company’s stock, valued at approximately $251,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Allspring Global Investments Holdings LLC bought a new position in Avidity Biosciences during the third quarter valued at approximately $30,000. Quarry LP raised its position in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares during the period. nVerses Capital LLC raised its position in Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after purchasing an additional 700 shares during the period. Amalgamated Bank raised its position in Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 982 shares during the period. Finally, Nisa Investment Advisors LLC raised its position in Avidity Biosciences by 32.4% during the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after purchasing an additional 1,076 shares during the period.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the transaction, the insider now owns 69,018 shares in the company, valued at approximately $3,036,792. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was 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 owns 234,663 shares of the company’s stock, valued at $10,325,172. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $578,732.00. Following the transaction, the insider now directly owns 69,018 shares of the company’s stock, valued at $3,036,792. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 150,543 shares of company stock worth $6,762,692. Insiders own 3.68% of the company’s stock.

Analyst Upgrades and Downgrades

RNA has been the topic of a number of recent research reports. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Chardan Capital increased their price target on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Barclays initiated coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. Finally, The Goldman Sachs Group assumed coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $62.67.

Avidity Biosciences Stock Performance

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

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

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.