Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. grew its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 2.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,431,911 shares of the biotechnology company’s stock after purchasing an additional 205,027 shares during the period. Vanguard Group Inc. owned about 7.91% of Avidity Biosciences worth $274,280,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of RNA. Aaron Wealth Advisors LLC grew its position in Avidity Biosciences by 6.6% during the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after purchasing an additional 504 shares in the last quarter. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences during the third quarter valued at $27,000. New York State Common Retirement Fund lifted its stake in Avidity Biosciences by 0.3% in the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after acquiring an additional 598 shares in the last quarter. Xponance Inc. lifted its stake in Avidity Biosciences by 11.0% in the 4th quarter. Xponance Inc. now owns 7,957 shares of the biotechnology company’s stock worth $231,000 after acquiring an additional 791 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Avidity Biosciences by 0.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,855 shares of the biotechnology company’s stock valued at $6,335,000 after acquiring an additional 830 shares in the last quarter.

Avidity Biosciences Stock Down 5.4 %

Shares of RNA stock opened at $26.57 on Friday. Avidity Biosciences, Inc. has a 12 month low of $22.24 and a 12 month high of $56.00. The firm has a market cap of $3.19 billion, a PE ratio of -9.23 and a beta of 1.02. The stock has a 50 day moving average of $31.35 and a 200-day moving average of $36.74.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, equities analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Ratings Changes

RNA has been the subject of several research reports. BMO Capital Markets began coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Citigroup began coverage on Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective for the company. Scotiabank began coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 target price on the stock. Finally, Bank of America cut their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and a consensus target price of $66.69.

Insider Activity at Avidity Biosciences

In other news, Director Arthur A. Levin sold 1,872 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their position. 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 the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total transaction of $163,501.25. Following the completion of the sale, the insider now directly owns 50,554 shares in the company, valued at approximately $1,406,917.82. The trade was a 10.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 79,318 shares of company stock worth $2,405,390. Company insiders own 3.68% of the company’s stock.

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.