Assetmark Inc. Raises Position in Avidity Biosciences, Inc. $RNA

Assetmark Inc. increased its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 72.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,186 shares of the biotechnology company’s stock after acquiring an additional 21,507 shares during the period. Assetmark Inc.’s holdings in Avidity Biosciences were worth $2,230,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. AlphaQuest LLC boosted its stake in shares of Avidity Biosciences by 123.0% during the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the period. CWM LLC raised its holdings in Avidity Biosciences by 1,635.1% during the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 605 shares during the last quarter. Westside Investment Management Inc. purchased a new stake in Avidity Biosciences during the 2nd quarter valued at $29,000. PNC Financial Services Group Inc. grew its holdings in Avidity Biosciences by 291.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 1,099 shares during the last quarter. Finally, Osaic Holdings Inc. grew its holdings in Avidity Biosciences by 1,659.1% in the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after acquiring an additional 1,543 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Chardan Capital reiterated a “neutral” rating and set a $72.00 target price on shares of Avidity Biosciences in a report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. TD Cowen restated a “hold” rating on shares of Avidity Biosciences in a report on Wednesday, November 12th. Raymond James Financial cut shares of Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 27th. Finally, Wall Street Zen raised shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Hold” and a consensus price target of $69.57.

Insiders Place Their Bets

In related news, Director Arthur A. Levin sold 1,758 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $127,367.10. Following the completion of the transaction, the director owned 16,562 shares of the company’s stock, valued at $1,199,916.90. This trade represents a 9.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sarah Boyce sold 14,387 shares of Avidity Biosciences stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $1,042,338.15. Following the transaction, the chief executive officer owned 269,007 shares of the company’s stock, valued at $19,489,557.15. The trade was a 5.08% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 58,407 shares of company stock valued at $4,226,448. Insiders own 3.83% of the company’s stock.

Avidity Biosciences Trading Down 0.0%

Shares of RNA stock opened at $72.83 on Thursday. The company’s fifty day moving average price is $72.44 and its 200-day moving average price is $60.80. The stock has a market cap of $11.27 billion, a PE ratio of -17.42 and a beta of 0.93. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $73.06.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.