Lord Abbett & CO. LLC Boosts Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Lord Abbett & CO. LLC raised its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 30.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 539,207 shares of the biotechnology company's stock after buying an additional 124,867 shares during the period. Lord Abbett & CO. LLC owned about 0.45% of Avidity Biosciences worth $24,766,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP grew its position in shares of Avidity Biosciences by 84.9% in the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company's stock valued at $322,931,000 after buying an additional 3,228,923 shares during the last quarter. State Street Corp grew its holdings in shares of Avidity Biosciences by 41.7% during the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock worth $216,151,000 after purchasing an additional 1,386,087 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of 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 worth $224,774,000 after purchasing an additional 1,239,323 shares in the last quarter. RA Capital Management L.P. lifted its holdings in shares of Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock valued at $289,378,000 after purchasing an additional 900,000 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its holdings in shares of Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock valued at $30,190,000 after purchasing an additional 707,773 shares during the last quarter.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of Avidity Biosciences stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the transaction, the chief executive officer now owns 234,663 shares in the company, valued at approximately $10,325,172. The trade was a 12.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider W. Michael Flanagan sold 24,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total transaction of $858,480.00. Following the completion of the sale, the insider now owns 85,389 shares in the company, valued at $3,054,364.53. This represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 174,866 shares of company stock valued at $7,583,037 in the last ninety days. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Stock Performance

RNA traded up $0.90 during trading on Monday, reaching $33.39. The company's stock had a trading volume of 1,571,998 shares, compared to its average volume of 1,305,273. The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of -11.59 and a beta of 0.89. The company's fifty day moving average price is $43.51 and its 200-day moving average price is $42.23. Avidity Biosciences, Inc. has a 52-week low of $8.37 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating 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 return on equity of 27.66% and a negative net margin of 2,772.45%. Equities analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on RNA. Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an "overweight" rating and a $63.00 price target on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Chardan Capital restated a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. TD Cowen increased their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a research note on Monday, October 21st. Finally, Evercore ISI lowered their price target on Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, August 26th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $63.60.

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.