Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Acquired by RA Capital Management L.P.

RA Capital Management L.P. lifted its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 16.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,300,408 shares of the biotechnology company's stock after purchasing an additional 900,000 shares during the period. Avidity Biosciences comprises 3.3% of RA Capital Management L.P.'s holdings, making the stock its 6th biggest holding. RA Capital Management L.P. owned about 5.28% of Avidity Biosciences worth $289,378,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Janus Henderson Group PLC lifted its position 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 valued at $224,774,000 after acquiring an additional 1,239,323 shares in the last quarter. HighTower Advisors LLC purchased a new position in shares of Avidity Biosciences during the third quarter valued at $498,000. HighVista Strategies LLC purchased a new position in shares of Avidity Biosciences during the third quarter valued at $574,000. Fred Alger Management LLC raised its position in Avidity Biosciences by 10.8% during the third quarter. Fred Alger Management LLC now owns 17,320 shares of the biotechnology company's stock valued at $796,000 after buying an additional 1,695 shares during the period. Finally, Verition Fund Management LLC lifted its stake in Avidity Biosciences by 175.7% in the 3rd quarter. Verition Fund Management LLC now owns 20,416 shares of the biotechnology company's stock worth $938,000 after acquiring an additional 13,011 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on RNA shares. Barclays assumed coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They set an "overweight" rating and a $63.00 target price on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. TD Cowen lifted their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Needham & Company LLC reiterated a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Evercore ISI lowered their target price on Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a research note on Monday, August 26th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $63.60.

Avidity Biosciences Price Performance

Shares of RNA stock traded down $0.69 during trading on Thursday, reaching $37.24. The company had a trading volume of 595,669 shares, compared to its average volume of 1,302,348. The company has a market capitalization of $4.44 billion, a PE ratio of -13.17 and a beta of 0.89. The firm's 50 day simple moving average is $45.13 and its two-hundred day simple moving average is $41.71. Avidity Biosciences, Inc. has a one year low of $6.79 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Analysts forecast that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $45.73, for a total transaction of $228,650.00. Following the sale, the director now directly owns 14,830 shares of the company's stock, valued at $678,175.90. This trade represents a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the transaction, the chief executive officer now directly owns 234,663 shares of the company's stock, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 150,866 shares of company stock worth $6,724,557 in the last 90 days. 3.68% of the stock is owned by company insiders.

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.