Avidity Biosciences, Inc. (NASDAQ:RNA) Position Increased by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 19.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 363,017 shares of the biotechnology company's stock after buying an additional 59,295 shares during the quarter. Bank of New York Mellon Corp owned 0.30% of Avidity Biosciences worth $10,557,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RNA. Wellington Management Group LLP increased its stake in 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 purchasing an additional 3,228,923 shares in the last quarter. State Street Corp grew its holdings in Avidity Biosciences by 41.7% in the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock valued at $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% in the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company's stock valued at $224,774,000 after buying an additional 1,239,323 shares in the last quarter. RA Capital Management L.P. boosted its position 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 worth $289,378,000 after buying an additional 900,000 shares in the last quarter. Finally, FMR LLC boosted its position in shares of Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock worth $773,864,000 after buying an additional 689,729 shares in the last quarter.

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Analysts Set New Price Targets

Several equities analysts have weighed in on RNA shares. Citigroup assumed coverage on Avidity Biosciences in a research report on Thursday. They set a "buy" rating and a $70.00 price target for the company. Royal Bank of Canada reissued an "outperform" rating and issued a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Chardan Capital reaffirmed a "buy" rating and set a $65.00 price target on shares of Avidity Biosciences in a research note on Monday. HC Wainwright reissued a "buy" rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research report on Monday. Finally, Barclays decreased 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. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $66.69.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider W. Michael Flanagan sold 12,742 shares of the business's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $416,153.72. Following the completion of the sale, the insider now owns 72,647 shares in the company, valued at $2,372,651.02. The trade was a 14.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael F. Maclean sold 11,151 shares of the firm's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $364,191.66. Following the completion of the transaction, the chief financial officer now owns 82,942 shares in the company, valued at approximately $2,708,885.72. The trade was a 11.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 80,138 shares of company stock valued at $2,539,032 over the last ninety days. Corporate insiders own 3.68% of the company's stock.

Avidity Biosciences Stock Performance

Shares of RNA traded up $2.72 during trading hours on Monday, hitting $33.83. The stock had a trading volume of 1,437,504 shares, compared to its average volume of 1,314,996. Avidity Biosciences, Inc. has a 12-month low of $21.56 and a 12-month high of $56.00. The firm has a market cap of $4.07 billion, a P/E ratio of -11.75 and a beta of 1.02. The company's fifty day simple moving average is $30.99 and its 200 day simple moving average is $37.83.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The firm had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

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.