9,534 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Acquired by Quantbot Technologies LP

Quantbot Technologies LP acquired a new position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,534 shares of the biotechnology company's stock, valued at approximately $277,000.

Other large investors also recently modified their holdings of the company. Wellington Management Group LLP grew its position in Avidity Biosciences by 84.9% in the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company's stock worth $322,931,000 after purchasing an additional 3,228,923 shares in the last quarter. RA Capital Management L.P. raised its stake in shares of 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 purchasing an additional 900,000 shares during the period. Janus Henderson Group PLC boosted 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 buying an additional 1,239,323 shares during the last quarter. State Street Corp raised its position in Avidity Biosciences by 41.7% in the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock worth $216,151,000 after acquiring an additional 1,386,087 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Avidity Biosciences by 14.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,585,303 shares of the biotechnology company's stock worth $118,767,000 after purchasing an additional 328,606 shares during the last quarter.

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Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RNA. Chardan Capital reissued a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Barclays lowered their target price 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. BMO Capital Markets started coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price objective on the stock. Bank of America cut their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Finally, HC Wainwright reiterated a "buy" rating and issued a $72.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $66.69.

Avidity Biosciences Price Performance

RNA traded up $3.03 during midday trading on Wednesday, reaching $29.77. 3,150,877 shares of the company's stock traded hands, compared to its average volume of 1,359,828. Avidity Biosciences, Inc. has a 52 week low of $21.56 and a 52 week high of $56.00. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of -10.34 and a beta of 1.02. The firm has a fifty day moving average of $31.46 and a two-hundred day moving average of $36.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its 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). 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 during the quarter, compared to the consensus estimate of $1.74 million. Sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Activity

In other news, Director Arthur A. Levin sold 1,872 shares of the company's stock in a transaction that occurred 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 sale, the director now directly owns 12,958 shares of the company's stock, valued at $370,598.80. This represents a 12.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company's 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 in the company, valued at $1,625,816.64. This represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,443 shares of company stock worth $2,241,889. 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.