Candriam S.C.A. Acquires 37,314 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Candriam S.C.A. grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 11.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 360,710 shares of the biotechnology company's stock after purchasing an additional 37,314 shares during the period. Candriam S.C.A. owned about 0.30% of Avidity Biosciences worth $10,489,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RNA. National Bank of Canada FI bought a new position in shares of Avidity Biosciences during the 3rd quarter valued at $27,000. Van ECK Associates Corp bought a new position in Avidity Biosciences during the fourth quarter valued at about $38,000. Quest Partners LLC lifted its position in shares of Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock worth $93,000 after buying an additional 1,392 shares during the last quarter. KBC Group NV boosted its stake in shares of Avidity Biosciences by 99.0% during the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after acquiring an additional 2,226 shares in the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of Avidity Biosciences during the 3rd quarter valued at about $265,000.

Analyst Ratings Changes

A number of brokerages have issued reports on RNA. HC Wainwright reaffirmed a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Friday, January 10th. Chardan Capital reaffirmed a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Friday, February 28th. Scotiabank assumed coverage on shares of Avidity Biosciences in a report on Friday. They issued a "sector outperform" rating and a $70.00 target price on the stock. Royal Bank of Canada restated an "outperform" rating and set a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $65.91.

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Insider Activity at Avidity Biosciences

In other news, Director Arthur A. Levin sold 1,872 shares of the business's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the sale, the director now owns 12,958 shares in the company, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael F. Maclean sold 3,287 shares of the company's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $93,975.33. Following the completion of the sale, the chief financial officer now directly owns 104,655 shares in the company, valued at approximately $2,992,086.45. The trade was a 3.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 129,138 shares of company stock valued at $4,229,012 in the last 90 days. 3.68% of the stock is owned by corporate insiders.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA traded down $0.46 during trading on Tuesday, hitting $29.58. 1,006,724 shares of the stock were exchanged, compared to its average volume of 1,316,997. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of -10.27 and a beta of 1.02. The company's fifty day simple moving average is $30.87 and its 200-day simple moving average is $38.18. Avidity Biosciences, Inc. has a 1-year low of $20.80 and a 1-year high of $56.00.

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 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 company had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. On average, research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal 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.