Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 450,144 shares of the biotechnology company's stock after selling 16,941 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.38% of Avidity Biosciences worth $13,090,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in RNA. Vanguard Group Inc. lifted its holdings in shares of Avidity Biosciences by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock valued at $274,280,000 after purchasing an additional 205,027 shares during the last quarter. Geode Capital Management LLC increased its position in Avidity Biosciences by 14.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,585,303 shares of the biotechnology company's stock valued at $118,767,000 after buying an additional 328,606 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Avidity Biosciences by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,028,931 shares of the biotechnology company's stock valued at $29,921,000 after buying an additional 38,749 shares during the last quarter. Lord Abbett & CO. LLC boosted its holdings in Avidity Biosciences by 30.1% in the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock worth $24,766,000 after acquiring an additional 124,867 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Avidity Biosciences by 19.5% in the fourth quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company's stock worth $10,557,000 after acquiring an additional 59,295 shares during the last quarter.

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Insider Transactions at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the 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 sale, the insider now directly owns 50,554 shares of the company's stock, valued at $1,406,917.82. This represents a 10.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Michael F. Maclean sold 7,935 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The shares were 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 $3,004,123.20. This trade represents a 7.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 79,318 shares of company stock worth $2,405,390. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Stock Down 3.4 %

Avidity Biosciences stock traded down $0.92 during mid-day trading on Wednesday, reaching $25.76. 1,561,197 shares of the company's stock traded hands, compared to its average volume of 1,396,543. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The stock has a 50 day moving average of $29.98 and a two-hundred day moving average of $35.57. The company has a market cap of $3.10 billion, a price-to-earnings ratio of -8.94 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced 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 net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.97 million for the quarter, compared to analysts' expectations of $1.74 million. As a group, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RNA has been the subject of several recent analyst reports. Scotiabank started coverage on Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price target for the company. Chardan Capital reaffirmed a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Barclays decreased their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a report on Friday, February 28th. BMO Capital Markets started coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target for the company. Finally, Needham & Company LLC reissued a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $66.69.

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.