Lighthouse Investment Partners LLC Makes New $592,000 Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Lighthouse Investment Partners LLC bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNAFree Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 65,362 shares of the biotechnology company’s stock, valued at approximately $592,000. Lighthouse Investment Partners LLC owned approximately 0.09% of Avidity Biosciences as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Nisa Investment Advisors LLC lifted its stake in Avidity Biosciences by 15,900.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 3,180 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in Avidity Biosciences by 456.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after purchasing an additional 2,714 shares in the last quarter. Aigen Investment Management LP purchased a new position in Avidity Biosciences in the 3rd quarter worth approximately $71,000. China Universal Asset Management Co. Ltd. lifted its stake in Avidity Biosciences by 352.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock worth $78,000 after purchasing an additional 6,675 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Avidity Biosciences by 43.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock worth $95,000 after buying an additional 3,182 shares during the last quarter.

Insider Activity

In other news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $25.54, for a total value of $715,120.00. Following the sale, the chief executive officer now directly owns 112,117 shares in the company, valued at $2,863,468.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $25.54, for a total transaction of $715,120.00. Following the transaction, the chief executive officer now owns 112,117 shares of the company’s stock, valued at $2,863,468.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Michael F. Maclean sold 40,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $24.52, for a total transaction of $980,800.00. Following the transaction, the chief financial officer now directly owns 44,093 shares in the company, valued at approximately $1,081,160.36. The disclosure for this sale can be found here. Insiders have sold 201,000 shares of company stock worth $5,390,480 over the last ninety days. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Stock Up 1.9 %

Shares of NASDAQ:RNA opened at $27.11 on Tuesday. The company has a 50-day simple moving average of $26.15 and a 200-day simple moving average of $18.04. Avidity Biosciences, Inc. has a one year low of $4.82 and a one year high of $30.84.

Avidity Biosciences (NASDAQ:RNAGet Free Report) last posted its quarterly earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.81) by $0.02. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. The firm had revenue of $3.54 million during the quarter, compared to analysts’ expectations of $7.09 million. Sell-side analysts predict that Avidity Biosciences, Inc. will post -3.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on RNA. Chardan Capital reissued a “buy” rating and issued a $33.00 price target on shares of Avidity Biosciences in a research report on Friday, May 10th. Needham & Company LLC reiterated a “buy” rating and set a $35.00 target price on shares of Avidity Biosciences in a research note on Monday. Bank of America assumed coverage on shares of Avidity Biosciences in a research note on Friday, May 3rd. They set a “buy” rating and a $40.00 target price for the company. Finally, Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They set an “overweight” rating and a $60.00 target price for the company. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and a consensus target price of $41.33.

View Our Latest Report on RNA

Avidity Biosciences Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Avidity Biosciences (NASDAQ:RNA)

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