Bank of New York Mellon Corp Buys 59,295 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Bank of New York Mellon Corp increased its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 19.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 363,017 shares of the biotechnology company’s stock after purchasing an additional 59,295 shares during the period. Bank of New York Mellon Corp owned approximately 0.30% of Avidity Biosciences worth $10,557,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd bought a new stake in shares of Avidity Biosciences in the fourth quarter valued at about $386,000. Lord Abbett & CO. LLC raised its position in 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 during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Avidity Biosciences by 24.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock valued at $45,479,000 after acquiring an additional 197,065 shares in the last quarter. RA Capital Management L.P. boosted its position in Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after acquiring an additional 900,000 shares during the last quarter. Finally, FMR LLC boosted its position in Avidity Biosciences by 4.3% during the 3rd 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 during the last quarter.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $32.13 on Friday. Avidity Biosciences, Inc. has a 52 week low of $21.56 and a 52 week high of $56.00. The firm’s 50-day simple moving average is $30.97 and its 200 day simple moving average is $38.00. The firm has a market cap of $3.86 billion, a price-to-earnings ratio of -11.16 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. The firm had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Transactions at Avidity Biosciences

In other news, CEO Sarah Boyce sold 10,397 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $297,250.23. Following the completion of the transaction, the chief executive officer now owns 337,411 shares of the company’s stock, valued at approximately $9,646,580.49. This trade represents a 2.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares in the company, valued at $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,138 shares of company stock valued at $3,370,532. Corporate insiders own 3.68% of the company’s stock.

Analyst Ratings Changes

RNA has been the topic of a number of recent research reports. Barclays lowered their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. HC Wainwright reiterated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. Scotiabank started coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective for the company. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Friday, February 28th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $66.69.

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.