Alethea Capital Management LLC Purchases 853 Shares of Avidity Biosciences, Inc. $RNA

Alethea Capital Management LLC increased its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 0.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 421,724 shares of the biotechnology company’s stock after acquiring an additional 853 shares during the period. Avidity Biosciences makes up about 9.3% of Alethea Capital Management LLC’s investment portfolio, making the stock its 3rd largest position. Alethea Capital Management LLC’s holdings in Avidity Biosciences were worth $12,449,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of RNA. TD Waterhouse Canada Inc. grew its holdings in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 866 shares during the period. Parallel Advisors LLC grew its holdings in Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after acquiring an additional 515 shares during the period. GF Fund Management CO. LTD. acquired a new position in Avidity Biosciences during the fourth quarter worth about $73,000. IFP Advisors Inc grew its holdings in Avidity Biosciences by 123.2% during the first quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company’s stock worth $96,000 after acquiring an additional 1,787 shares during the period. Finally, Amalgamated Bank grew its holdings in Avidity Biosciences by 12.0% during the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock worth $116,000 after acquiring an additional 418 shares during the period.

Insider Activity

In other Avidity Biosciences news, insider Teresa Mccarthy sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $46.56, for a total transaction of $465,600.00. Following the completion of the sale, the insider directly owned 97,130 shares in the company, valued at approximately $4,522,372.80. This trade represents a 9.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Eric Mosbrooker sold 130,807 shares of the firm’s stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $44.06, for a total value of $5,763,356.42. Following the sale, the insider owned 55,000 shares of the company’s stock, valued at $2,423,300. The trade was a 70.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 453,826 shares of company stock worth $20,063,286. Corporate insiders own 3.83% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on RNA. Bank of America lifted their target price on Avidity Biosciences from $48.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Wells Fargo & Company increased their price target on Avidity Biosciences from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. JPMorgan Chase & Co. increased their price target on Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Wolfe Research started coverage on Avidity Biosciences in a research report on Tuesday, June 17th. They issued an “outperform” rating and a $55.00 price target for the company. Finally, Raymond James Financial started coverage on Avidity Biosciences in a research report on Wednesday, June 11th. They issued a “strong-buy” rating and a $65.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $67.00.

Avidity Biosciences Trading Up 0.7%

Shares of NASDAQ RNA opened at $44.34 on Thursday. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The firm has a market capitalization of $5.70 billion, a PE ratio of -12.46 and a beta of 0.95. The business has a 50-day moving average price of $35.08 and a two-hundred day moving average price of $32.05.

About Avidity Biosciences

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.