Charles Schwab Investment Management Inc. Boosts Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Charles Schwab Investment Management Inc. lifted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 24.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 990,182 shares of the biotechnology company's stock after purchasing an additional 197,065 shares during the period. Charles Schwab Investment Management Inc. owned about 0.83% of Avidity Biosciences worth $45,479,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new stake in Avidity Biosciences during the 3rd quarter valued at $30,000. Values First Advisors Inc. bought a new stake in Avidity Biosciences during the 3rd quarter valued at $32,000. Quarry LP raised its position in Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock valued at $82,000 after purchasing an additional 1,700 shares in the last quarter. Quest Partners LLC raised its position in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock valued at $93,000 after purchasing an additional 1,392 shares in the last quarter. Finally, nVerses Capital LLC increased its holdings in shares of Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company's stock valued at $139,000 after acquiring an additional 700 shares during the period.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RNA. Cantor Fitzgerald reiterated an "overweight" rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Evercore ISI dropped their target price on Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a research note on Monday, August 26th. Barclays started coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They set an "overweight" rating and a $63.00 target price on the stock. Royal Bank of Canada assumed coverage on Avidity Biosciences in a research report on Tuesday, November 26th. They set an "outperform" rating and a $67.00 price target for the company. Finally, The Goldman Sachs Group assumed coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a "buy" rating and a $59.00 price objective for the company. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $63.60.

Avidity Biosciences Stock Performance

Shares of RNA stock traded down $1.73 during trading hours on Monday, reaching $41.30. The company had a trading volume of 1,050,142 shares, compared to its average volume of 1,303,711. The stock has a fifty day moving average of $45.44 and a 200-day moving average of $41.58. The company has a market capitalization of $4.93 billion, a price-to-earnings ratio of -14.36 and a beta of 0.91. Avidity Biosciences, Inc. has a 12-month low of $6.79 and a 12-month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. On average, analysts forecast that Avidity Biosciences, Inc. will post -2.84 EPS for the current year.

Insiders Place Their Bets

In other news, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00. Following the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $4,561,753.36. This trade represents a 21.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Arthur A. Levin sold 3,323 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total value of $139,964.76. Following the completion of the transaction, the director now directly owns 14,830 shares in the company, valued at $624,639.60. This trade represents a 18.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 150,866 shares of company stock worth $6,724,557 over the last ninety days. Corporate insiders own 3.68% of the company's stock.

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.