Price T Rowe Associates Inc. MD Has $321.13 Million Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Price T Rowe Associates Inc. MD lifted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 3.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,042,823 shares of the biotechnology company's stock after acquiring an additional 408,861 shares during the period. Price T Rowe Associates Inc. MD owned 9.26% of Avidity Biosciences worth $321,127,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. TD Waterhouse Canada Inc. increased its position in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after buying an additional 866 shares during the period. Van ECK Associates Corp bought a new position in Avidity Biosciences in the 4th quarter worth approximately $38,000. Headlands Technologies LLC bought a new position in Avidity Biosciences in the 4th quarter worth approximately $60,000. KBC Group NV increased its position in Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after buying an additional 2,226 shares during the period. Finally, US Bancorp DE increased its position in shares of Avidity Biosciences by 25.2% during the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock valued at $191,000 after purchasing an additional 1,324 shares during the period.

Insider Activity

In other Avidity Biosciences news, CFO Michael F. Maclean sold 7,935 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $246,461.10. Following the transaction, the chief financial officer now owns 96,720 shares of the company's stock, valued at approximately $3,004,123.20. This represents a 7.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now owns 50,554 shares of the company's stock, valued at $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock valued at $1,876,027 over the last 90 days. 3.68% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Scotiabank assumed coverage on 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. Royal Bank of Canada restated an "outperform" rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Chardan Capital restated a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Bank of America lowered their price objective on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. Finally, Barclays lowered their price objective on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $66.69.

Avidity Biosciences Stock Performance

Avidity Biosciences stock traded up $0.36 on Monday, reaching $31.20. The company's stock had a trading volume of 703,339 shares, compared to its average volume of 1,409,339. The company has a market cap of $3.75 billion, a price-to-earnings ratio of -10.83 and a beta of 1.01. The business's fifty day moving average price is $29.27 and its 200 day moving average price is $34.41. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. As a group, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Avidity Biosciences 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.