Wellington Management Group LLP Grows Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Wellington Management Group LLP grew its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 15.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 8,106,097 shares of the biotechnology company's stock after purchasing an additional 1,075,148 shares during the period. Wellington Management Group LLP owned approximately 6.74% of Avidity Biosciences worth $235,725,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. National Bank of Canada FI bought a new position in Avidity Biosciences in the 3rd quarter valued at approximately $27,000. Van ECK Associates Corp bought a new position in Avidity Biosciences in the fourth quarter valued at about $38,000. KBC Group NV raised its position in Avidity Biosciences by 99.0% in the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock valued at $130,000 after purchasing an additional 2,226 shares during the last quarter. US Bancorp DE boosted its stake 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 in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Avidity Biosciences during the fourth quarter worth about $210,000.

Wall Street Analyst Weigh In

RNA has been the topic of several recent research reports. Barclays cut their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Bank of America reduced their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Chardan Capital reiterated a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Finally, HC Wainwright restated a "buy" rating and issued a $72.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences has a consensus rating of "Buy" and an average target price of $66.69.

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Insider Buying and Selling

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the transaction, the insider now owns 50,554 shares of the company's stock, valued at approximately $1,406,917.82. This trade represents a 10.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 2,959 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $84,597.81. Following the sale, the insider now directly owns 104,908 shares of the company's stock, valued at $2,999,319.72. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 79,318 shares of company stock worth $2,405,390 in the last ninety days. Corporate insiders own 3.68% of the company's stock.

Avidity Biosciences Stock Down 5.4 %

RNA traded down $1.53 during midday trading on Friday, hitting $26.57. The company had a trading volume of 1,841,168 shares, compared to its average volume of 1,366,924. The stock's 50 day moving average price is $31.41 and its 200 day moving average price is $36.84. Avidity Biosciences, Inc. has a 52 week low of $21.56 and a 52 week high of $56.00. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of -9.23 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results 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 net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. Research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS 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.