Janus Henderson Group PLC Raises Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Janus Henderson Group PLC increased its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 33.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,896,166 shares of the biotechnology company's stock after buying an additional 1,239,323 shares during the quarter. Janus Henderson Group PLC owned about 4.10% of Avidity Biosciences worth $224,774,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in RNA. FMR LLC lifted its stake in shares of 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 acquiring an additional 689,729 shares during the last quarter. Avoro Capital Advisors LLC lifted its stake in shares of Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company's stock valued at $265,729,000 after acquiring an additional 680,000 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Avidity Biosciences by 24.8% during the 3rd 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 last quarter. D. E. Shaw & Co. Inc. grew its holdings in Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock worth $30,190,000 after acquiring an additional 707,773 shares during the period. Finally, TD Asset Management Inc grew its holdings in Avidity Biosciences by 140.7% during the 2nd quarter. TD Asset Management Inc now owns 513,338 shares of the biotechnology company's stock worth $20,970,000 after acquiring an additional 300,054 shares during the period.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the company's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the transaction, the insider now owns 94,018 shares in the company, valued at approximately $3,867,900.52. This represents a 21.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on 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 in the company, valued at $678,175.90. This trade represents a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 150,866 shares of company stock worth $6,724,557. Insiders own 3.68% of the company's stock.

Wall Street Analyst Weigh In

RNA has been the subject of a number of recent analyst reports. Evercore ISI decreased their price target on Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating for the company in a report on Monday, August 26th. Barclays started coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 target price for the company. Chardan Capital restated a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. TD Cowen raised their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Finally, The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They issued a "buy" rating and a $59.00 price target on the stock. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences currently has an average rating of "Buy" and an average price target of $63.60.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock traded down $0.55 on Wednesday, hitting $37.93. 1,384,262 shares of the company's stock were exchanged, compared to its average volume of 1,305,495. The company has a 50-day simple moving average of $45.29 and a 200-day simple moving average of $41.73. Avidity Biosciences, Inc. has a 1 year low of $6.79 and a 1 year high of $56.00. The stock has a market capitalization of $4.53 billion, a PE ratio of -13.12 and a beta of 0.89.

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

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.