Rhumbline Advisers Purchases 4,795 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Rhumbline Advisers grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 3.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 153,803 shares of the biotechnology company’s stock after acquiring an additional 4,795 shares during the period. Rhumbline Advisers owned about 0.13% of Avidity Biosciences worth $4,473,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Lord Abbett & CO. LLC raised its position in shares of Avidity Biosciences by 30.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock valued at $24,766,000 after buying an additional 124,867 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Avidity Biosciences by 24.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock valued at $45,479,000 after buying an additional 197,065 shares in the last quarter. RA Capital Management L.P. grew its position in Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after acquiring an additional 900,000 shares during the last quarter. FMR LLC raised its stake in Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after acquiring an additional 689,729 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Avidity Biosciences in the third quarter worth about $762,000.

Avidity Biosciences Stock Performance

Shares of RNA opened at $29.08 on Friday. Avidity Biosciences, Inc. has a 52-week low of $14.75 and a 52-week high of $56.00. The business’s 50 day moving average price is $31.03 and its two-hundred day moving average price is $38.98. The firm has a market cap of $3.47 billion, a PE ratio of -10.10 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Friday, January 10th. Chardan Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $65.80.

Insiders Place Their Bets

In related news, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $33.26, for a total value of $831,500.00. Following the completion of the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at approximately $3,127,038.68. This represents a 21.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 31,855 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the transaction, the chief executive officer now directly owns 265,308 shares in the company, valued at $8,664,959.28. The trade was a 10.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 129,138 shares of company stock worth $4,229,012. Insiders own 3.68% of the company’s stock.

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.