Artisan Partners Limited Partnership Sells 314,028 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Artisan Partners Limited Partnership lowered its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 23.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,015,251 shares of the biotechnology company's stock after selling 314,028 shares during the quarter. Artisan Partners Limited Partnership owned 0.85% of Avidity Biosciences worth $29,523,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Wellington Management Group LLP boosted its stake in Avidity Biosciences by 84.9% in 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 during the last quarter. State Street Corp lifted its stake 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 valued at $216,151,000 after purchasing an additional 1,386,087 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company's stock valued at $224,774,000 after purchasing an additional 1,239,323 shares during the period. RA Capital Management L.P. increased its position in Avidity Biosciences by 16.7% in 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 buying an additional 900,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Avidity Biosciences by 14.6% in the third quarter. Geode Capital Management LLC now owns 2,585,303 shares of the biotechnology company's stock worth $118,767,000 after buying an additional 328,606 shares during the last quarter.

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Avidity Biosciences Trading Up 8.8 %

Shares of NASDAQ:RNA traded up $2.35 during trading on Wednesday, reaching $29.09. The company had a trading volume of 1,077,935 shares, compared to its average volume of 1,390,158. The company has a fifty day moving average of $31.46 and a two-hundred day moving average of $36.96. The stock has a market capitalization of $3.50 billion, a P/E ratio of -10.10 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.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). The firm had revenue of $2.97 million for the quarter, compared to analysts' expectations 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 research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RNA shares. Citigroup assumed coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price target for the company. Chardan Capital reiterated a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Royal Bank of Canada reissued an "outperform" rating and issued a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Scotiabank initiated coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. Finally, BMO Capital Markets started coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price on the stock. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has a consensus rating of "Buy" and a consensus price target of $66.69.

Insider Buying and Selling at Avidity Biosciences

In related news, CFO Michael F. Maclean sold 3,287 shares of Avidity Biosciences stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $93,975.33. Following the transaction, the chief financial officer now owns 104,655 shares in the company, valued at $2,992,086.45. This trade represents a 3.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the sale, the insider now directly owns 50,554 shares of the company's stock, 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. Insiders have sold 73,443 shares of company stock worth $2,241,889 over the last ninety days. Insiders own 3.68% of the company's stock.

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.