Marshall Wace LLP Purchases 9,906 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Marshall Wace LLP boosted its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 9.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 111,770 shares of the biotechnology company’s stock after acquiring an additional 9,906 shares during the period. Marshall Wace LLP owned 0.12% of Avidity Biosciences worth $4,566,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Arizona State Retirement System raised its position in shares of Avidity Biosciences by 2.1% during the second quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after purchasing an additional 405 shares during the period. nVerses Capital LLC raised its holdings in Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after buying an additional 700 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its stake in shares of Avidity Biosciences by 4.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock valued at $541,000 after buying an additional 920 shares in the last quarter. Amalgamated Bank grew its holdings in shares of Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after buying an additional 982 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of Avidity Biosciences by 32.4% during the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after acquiring an additional 1,076 shares in the last quarter.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $48.51 on Wednesday. The stock has a market capitalization of $5.33 billion, a P/E ratio of -16.44 and a beta of 0.89. Avidity Biosciences, Inc. has a 52-week low of $4.82 and a 52-week high of $48.80. The stock’s 50-day simple moving average is $43.67 and its 200 day simple moving average is $35.37.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.11. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. The company had revenue of $2.05 million during the quarter, compared to the consensus estimate of $7.09 million. Equities research analysts forecast that Avidity Biosciences, Inc. will post -3.01 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at $678,175.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the sale, the insider now owns 69,018 shares in the company, valued at approximately $3,036,792. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. The disclosure for this sale can be found here. Insiders sold 128,543 shares of company stock valued at $5,543,382 in the last quarter. 3.68% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Barclays assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Bank of America upped their target price on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Finally, The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Eight 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 price target of $60.75.

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.