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

Raymond James Financial Inc. purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the fourth quarter, according to the company in its most recent 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 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of RNA. Y Intercept Hong Kong Ltd purchased a new stake in Avidity Biosciences in the 4th quarter worth about $386,000. Lord Abbett & CO. LLC lifted its position in shares of Avidity Biosciences by 30.1% in the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock worth $24,766,000 after purchasing an additional 124,867 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Avidity Biosciences by 24.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company's stock worth $45,479,000 after purchasing an additional 197,065 shares during the period. RA Capital Management L.P. grew its position in 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 valued at $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Finally, FMR LLC increased its stake in Avidity Biosciences by 4.3% in 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 during the period.

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Insider Activity

In related news, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the sale, the chief executive officer now owns 305,871 shares in the company, valued at approximately $9,500,353.26. This trade represents a 9.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the sale, the director now directly owns 12,958 shares in the company, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 73,443 shares of company stock valued at $2,241,889. 3.68% of the stock is owned by company insiders.

Avidity Biosciences Trading Down 2.9 %

RNA traded down $0.96 during trading on Friday, hitting $31.60. The stock had a trading volume of 1,065,721 shares, compared to its average volume of 1,338,207. The firm has a market cap of $3.80 billion, a PE ratio of -10.97 and a beta of 1.02. Avidity Biosciences, Inc. has a 12 month low of $21.56 and a 12 month high of $56.00. The company has a 50 day simple moving average of $31.48 and a 200-day simple moving average of $37.26.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The business had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RNA has been the topic of several research analyst reports. Bank of America lowered their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, March 10th. HC Wainwright reaffirmed a "buy" rating and issued a $72.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Royal Bank of Canada reiterated an "outperform" rating and set a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Needham & Company LLC restated a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Finally, Scotiabank assumed coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences currently has an average rating of "Buy" and a consensus price target 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.