JPMorgan Chase & Co. Has $21.45 Million Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

JPMorgan Chase & Co. trimmed its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 3.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 467,085 shares of the biotechnology company’s stock after selling 14,395 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.39% of Avidity Biosciences worth $21,453,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rhumbline Advisers raised its position in shares of Avidity Biosciences by 19.0% during the 2nd quarter. Rhumbline Advisers now owns 141,481 shares of the biotechnology company’s stock valued at $5,779,000 after acquiring an additional 22,604 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Avidity Biosciences by 134.1% in the second quarter. Victory Capital Management Inc. now owns 21,817 shares of the biotechnology company’s stock valued at $891,000 after purchasing an additional 12,497 shares during the last quarter. Arizona State Retirement System lifted its stake in Avidity Biosciences by 2.1% in the second quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock valued at $816,000 after buying an additional 405 shares during the period. Dorsey & Whitney Trust CO LLC bought a new position in Avidity Biosciences during the second quarter worth about $286,000. Finally, American Century Companies Inc. grew its position in shares of Avidity Biosciences by 18.5% during the 2nd quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company’s stock worth $6,725,000 after buying an additional 25,663 shares during the period.

Insider Activity

In related news, CEO Sarah Boyce sold 31,855 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the completion of the transaction, the chief executive officer now directly owns 265,308 shares of the company’s stock, valued at approximately $8,664,959.28. This represents a 10.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider W. Michael Flanagan sold 24,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total value of $858,480.00. Following the transaction, the insider now directly owns 85,389 shares in the company, valued at $3,054,364.53. This trade represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 163,071 shares of company stock worth $6,125,324 over the last ninety days. Insiders own 3.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on RNA shares. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Chardan Capital reiterated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Royal Bank of Canada began coverage on shares of Avidity Biosciences in a research report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price objective for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $65.80.

Avidity Biosciences Trading Down 2.8 %

RNA stock opened at $29.93 on Thursday. The stock has a 50-day moving average price of $38.22 and a two-hundred day moving average price of $41.89. Avidity Biosciences, Inc. has a 1 year low of $9.93 and a 1 year high of $56.00. The stock has a market cap of $3.57 billion, a PE ratio of -10.39 and a beta of 0.99.

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

Avidity Biosciences 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.