198,907 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 198,907 shares of the biotechnology company's stock, valued at approximately $5,784,000. Raymond James Financial Inc. owned 0.17% of Avidity Biosciences at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of RNA. Y Intercept Hong Kong Ltd bought a new position in shares of Avidity Biosciences in the fourth quarter worth approximately $386,000. Lord Abbett & CO. LLC grew its stake 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 worth $24,766,000 after buying an additional 124,867 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 worth $45,479,000 after buying an additional 197,065 shares during the last quarter. RA Capital Management L.P. increased its holdings in shares of Avidity Biosciences by 16.7% in 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 buying an additional 900,000 shares during the last quarter. Finally, FMR LLC raised its position in shares of Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock valued at $773,864,000 after buying an additional 689,729 shares in the last quarter.

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Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven George Hughes sold 9,578 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the transaction, the insider now directly owns 72,850 shares of the company's stock, valued at approximately $2,262,721. The trade was a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 73,443 shares of company stock valued at $2,241,889 in the last 90 days. Insiders own 3.68% of the company's stock.

Avidity Biosciences Stock Performance

NASDAQ:RNA traded down $0.14 during midday trading on Wednesday, reaching $31.97. 607,751 shares of the stock traded hands, compared to its average volume of 1,315,518. The stock has a market capitalization of $3.84 billion, a P/E ratio of -11.11 and a beta of 1.02. The company has a fifty day moving average of $31.31 and a 200 day moving average of $37.33. Avidity Biosciences, Inc. has a 12 month low of $21.56 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $2.97 million for 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%. On average, analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. BMO Capital Markets started coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price on the stock. HC Wainwright reiterated a "buy" rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Barclays decreased their price objective on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Finally, Citigroup started coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price target on the stock. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $66.69.

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.