Y Intercept Hong Kong Ltd Invests $386,000 in Avidity Biosciences, Inc. (NASDAQ:RNA)

Y Intercept Hong Kong Ltd acquired a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,281 shares of the biotechnology company's stock, valued at approximately $386,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in RNA. FMR LLC raised its stake 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 buying an additional 689,729 shares during the period. Wellington Management Group LLP increased its holdings in shares of Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company's stock valued at $322,931,000 after acquiring an additional 3,228,923 shares in the last quarter. RA Capital Management L.P. raised its position in shares of Avidity Biosciences by 16.7% during the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock worth $289,378,000 after purchasing an additional 900,000 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Avidity Biosciences by 33.9% in the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company's stock worth $224,774,000 after purchasing an additional 1,239,323 shares in the last quarter. Finally, State Street Corp grew its position in Avidity Biosciences by 41.7% in the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock valued at $216,151,000 after purchasing an additional 1,386,087 shares during the period.

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Insiders Place Their Bets

In related news, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the sale, the director now owns 12,958 shares of the company's stock, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business's 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 owns 50,554 shares of the company's stock, valued at approximately $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. Insiders have sold a total of 129,138 shares of company stock worth $4,229,012 over the last 90 days. Corporate insiders own 3.68% of the company's stock.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock traded down $0.02 on Friday, reaching $30.33. 316,529 shares of the company traded hands, compared to its average volume of 1,320,207. The firm has a market capitalization of $3.62 billion, a PE ratio of -10.53 and a beta of 1.00. The company has a 50 day moving average of $30.85 and a 200 day moving average of $38.47. Avidity Biosciences, Inc. has a 52 week low of $19.24 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted 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). The business had revenue of $2.97 million during the quarter, compared to the consensus estimate 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, analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on RNA shares. 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. Chardan Capital reiterated a "buy" rating and set a $65.00 price target on shares of Avidity Biosciences in a research note on Friday, February 28th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Barclays dropped their target price on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Finally, HC Wainwright reiterated a "buy" rating and set a $72.00 price target on shares of Avidity Biosciences in a report on Friday, January 10th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has an average rating of "Buy" and a consensus target price of $65.64.

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.