Castleark Management LLC Buys New Shares in Avidity Biosciences, Inc. (NASDAQ:RNA)

Castleark Management LLC bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 57,110 shares of the biotechnology company's stock, valued at approximately $2,623,000.

A number of other institutional investors have also made changes to their positions in RNA. FMR LLC grew its stake in shares of Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock valued at $773,864,000 after buying an additional 689,729 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Avidity Biosciences by 84.9% during 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 acquiring an additional 3,228,923 shares during the period. Avoro Capital Advisors LLC grew its position in Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company's stock valued at $265,729,000 after acquiring an additional 680,000 shares in the last quarter. RA Capital Management L.P. increased its stake in Avidity Biosciences by 16.7% during the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock worth $289,378,000 after purchasing an additional 900,000 shares during the period. Finally, Janus Henderson Group PLC lifted 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.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded up $1.39 during midday trading on Friday, hitting $38.27. 974,377 shares of the company's stock were exchanged, compared to its average volume of 1,166,459. The firm's fifty day simple moving average is $44.94 and its 200-day simple moving average is $41.82. Avidity Biosciences, Inc. has a twelve month low of $6.79 and a twelve month high of $56.00. The company has a market cap of $4.57 billion, a PE ratio of -13.29 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts' consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.34 million for the quarter, compared to analysts' expectations of $7.09 million. Equities analysts anticipate that Avidity Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Needham & Company LLC restated a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a "buy" rating and a $59.00 price target for the company. Barclays began coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 price objective on the stock. TD Cowen lifted their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a report on Monday, October 21st. Finally, Chardan Capital restated a "buy" rating and set a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $63.60.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 3,323 shares of Avidity Biosciences stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total transaction of $139,964.76. Following the sale, the director now owns 14,830 shares of the company's stock, valued at $624,639.60. The trade was a 18.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $41.14, for a total value of $1,028,500.00. Following the completion of the transaction, the insider now directly owns 94,018 shares of the company's stock, valued at approximately $3,867,900.52. The trade was a 21.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,866 shares of company stock worth $6,724,557. 3.68% of the stock is owned by insiders.

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.