Charles Schwab Investment Management Inc. Acquires 38,749 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Charles Schwab Investment Management Inc. grew its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 3.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,028,931 shares of the biotechnology company's stock after buying an additional 38,749 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.86% of Avidity Biosciences worth $29,921,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. US Bancorp DE increased its holdings in Avidity Biosciences by 25.2% during the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after buying an additional 1,324 shares during the last quarter. Proficio Capital Partners LLC bought a new position in shares of Avidity Biosciences in the 4th quarter valued at about $1,758,000. Bank of New York Mellon Corp increased its stake in shares of Avidity Biosciences by 19.5% during the 4th quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company's stock worth $10,557,000 after purchasing an additional 59,295 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Avidity Biosciences in the 4th quarter valued at about $386,000. Finally, Handelsbanken Fonder AB acquired a new stake in Avidity Biosciences in the 4th quarter valued at about $788,000.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Chardan Capital reissued a "buy" rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Monday. Scotiabank assumed coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price target on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Monday. Citigroup began coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They issued a "buy" rating and a $70.00 price objective on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a report on Monday. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $66.69.

Remove Ads

Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the transaction, the insider now owns 50,554 shares of the company's stock, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael F. Maclean sold 3,287 shares of the firm's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value 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 $2,992,086.45. This trade represents a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,390 shares of company stock valued at $718,303 in the last ninety days. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Price Performance

NASDAQ:RNA traded up $0.01 during trading hours on Friday, reaching $30.84. 696,563 shares of the company were exchanged, compared to its average volume of 1,314,704. The company has a market capitalization of $3.71 billion, a P/E ratio of -10.71 and a beta of 1.02. The business has a 50 day moving average of $31.08 and a 200 day moving average of $37.58. Avidity Biosciences, Inc. has a 1-year low of $21.56 and a 1-year high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). 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 $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. As a group, equities research analysts anticipate 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.