Schroder Investment Management Group Buys 30,697 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Schroder Investment Management Group increased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 99.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,480 shares of the biotechnology company's stock after acquiring an additional 30,697 shares during the period. Schroder Investment Management Group owned approximately 0.05% of Avidity Biosciences worth $1,794,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. National Bank of Canada FI purchased a new stake in Avidity Biosciences during the 3rd quarter valued at about $27,000. Van ECK Associates Corp purchased a new stake in shares of Avidity Biosciences during the fourth quarter valued at approximately $38,000. KBC Group NV grew its holdings in shares of Avidity Biosciences by 99.0% during the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock valued at $130,000 after buying an additional 2,226 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Avidity Biosciences during the third quarter valued at approximately $277,000. Finally, US Bancorp DE raised its holdings in Avidity Biosciences by 25.2% in the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after acquiring an additional 1,324 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have commented on RNA shares. HC Wainwright reiterated a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. BMO Capital Markets began coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price objective on the stock. Chardan Capital reiterated a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Royal Bank of Canada restated an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $66.69.

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Avidity Biosciences Stock Up 6.1 %

RNA traded up $1.47 during midday trading on Friday, reaching $25.58. The company had a trading volume of 1,550,284 shares, compared to its average volume of 1,390,460. The business has a 50-day moving average of $30.31 and a two-hundred day moving average of $35.78. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $56.00. The company has a market cap of $3.08 billion, a P/E ratio of -8.88 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $2.97 million during the quarter, compared to analysts' expectations of $1.74 million. On average, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Transactions at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 2,959 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $84,597.81. Following the sale, the insider now owns 104,908 shares of the company's stock, valued at approximately $2,999,319.72. This trade represents a 2.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Arthur A. Levin sold 1,872 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares in the company, valued at approximately $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,318 shares of company stock valued at $2,405,390 over the last three months. Corporate insiders own 3.68% of the company's stock.

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.