Hennion & Walsh Asset Management Inc. Has $2.23 Million Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Hennion & Walsh Asset Management Inc. decreased its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 1.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 76,810 shares of the biotechnology company’s stock after selling 1,428 shares during the quarter. Hennion & Walsh Asset Management Inc. owned 0.06% of Avidity Biosciences worth $2,234,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in RNA. National Bank of Canada FI acquired a new position in Avidity Biosciences in the third quarter valued at about $27,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Avidity Biosciences during the third quarter worth about $30,000. Values First Advisors Inc. acquired a new stake in shares of Avidity Biosciences during the third quarter worth about $32,000. Quarry LP raised its position in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the period. Finally, Quest Partners LLC raised its position in shares of Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after purchasing an additional 1,392 shares during the period.

Insider Transactions at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 12,742 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the sale, the insider now owns 72,647 shares in the company, valued at $2,372,651.02. The trade was a 14.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 31,855 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the sale, the chief executive officer now owns 265,308 shares in the company, valued at $8,664,959.28. This trade represents a 10.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 138,071 shares of company stock valued at $4,912,324. Corporate insiders own 3.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RNA shares. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Royal Bank of Canada initiated coverage on Avidity Biosciences in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price target for the company. TD Cowen raised their price target on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, HC Wainwright restated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and an average price target of $65.80.

Avidity Biosciences Trading Up 2.2 %

NASDAQ:RNA opened at $28.92 on Friday. The stock has a market cap of $3.45 billion, a P/E ratio of -10.04 and a beta of 0.99. The stock has a 50 day simple moving average of $35.91 and a 200 day simple moving average of $41.32. Avidity Biosciences, Inc. has a 1-year low of $9.93 and a 1-year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.14. The business had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Avidity Biosciences Company 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.