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

Connor Clark & Lunn Investment Management Ltd. boosted its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 0.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 217,855 shares of the biotechnology company’s stock after buying an additional 830 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Avidity Biosciences were worth $6,335,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Avidity Biosciences by 28.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,459 shares of the biotechnology company’s stock valued at $799,000 after purchasing an additional 6,089 shares in the last quarter. Candriam S.C.A. boosted its stake in shares of Avidity Biosciences by 11.5% in the fourth quarter. Candriam S.C.A. now owns 360,710 shares of the biotechnology company’s stock valued at $10,489,000 after buying an additional 37,314 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Avidity Biosciences in the fourth quarter valued at approximately $5,784,000. Arizona State Retirement System raised its position in Avidity Biosciences by 12.2% in the fourth quarter. Arizona State Retirement System now owns 25,737 shares of the biotechnology company’s stock worth $748,000 after acquiring an additional 2,805 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new position in Avidity Biosciences in the fourth quarter worth $473,000.

Avidity Biosciences Stock Down 3.2 %

Shares of NASDAQ:RNA opened at $31.11 on Friday. The company has a market capitalization of $3.74 billion, a P/E ratio of -10.80 and a beta of 1.02. Avidity Biosciences, Inc. has a 52-week low of $21.56 and a 52-week high of $56.00. The stock’s fifty day simple moving average is $30.99 and its 200-day simple moving average is $37.87.

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

Analyst Ratings Changes

Several brokerages have commented on RNA. Chardan Capital restated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Friday, February 28th. Barclays lowered their target price 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. Citigroup started coverage on shares of Avidity Biosciences in a research report on Thursday. They set a “buy” rating and a $70.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, BMO Capital Markets began coverage on Avidity Biosciences in a research report on Wednesday. They set an “outperform” rating and a $72.00 target price on the stock. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $66.69.

Insider Buying and Selling

In related news, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $33.26, for a total transaction of $831,500.00. Following the transaction, the insider now directly owns 94,018 shares in the company, valued at approximately $3,127,038.68. This represents a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares of the company’s stock, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,138 shares of company stock worth $3,370,532. 3.68% of the stock is owned by insiders.

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.