Cibc World Markets Corp Purchases Shares of 10,386 Avidity Biosciences, Inc. (NASDAQ:RNA)

Cibc World Markets Corp purchased a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,386 shares of the biotechnology company's stock, valued at approximately $302,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC grew its holdings 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 purchasing an additional 689,729 shares in the last quarter. Wellington Management Group LLP boosted its position 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 buying an additional 3,228,923 shares during the period. RA Capital Management L.P. grew its stake in shares of Avidity Biosciences by 16.7% in 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 acquiring an additional 900,000 shares in the last quarter. Janus Henderson Group PLC increased 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 acquiring an additional 1,239,323 shares during the period. Finally, State Street Corp raised its stake in shares of 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 acquiring an additional 1,386,087 shares in the last quarter.

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Wall Street Analysts Forecast Growth

Several research analysts recently commented on RNA shares. BMO Capital Markets assumed coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price for the company. HC Wainwright restated a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Bank of America decreased their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Finally, Barclays decreased their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences has an average rating of "Buy" and an average price target of $66.69.

Avidity Biosciences Trading Down 0.4 %

Shares of RNA traded down $0.14 during mid-day trading on Wednesday, hitting $31.97. 618,642 shares of the company's stock were exchanged, compared to its average volume of 1,315,519. Avidity Biosciences, Inc. has a fifty-two week low of $21.56 and a fifty-two week high of $56.00. The business's 50 day moving average is $31.31 and its two-hundred day moving average is $37.33. The firm has a market capitalization of $3.84 billion, a P/E ratio of -11.10 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its earnings results 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). 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 during the quarter, compared to analysts' expectations of $1.74 million. On average, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at $1,625,816.64. This represents a 10.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 2,959 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the transaction, the insider now owns 104,908 shares of the company's stock, valued at $2,999,319.72. This represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 73,443 shares of company stock worth $2,241,889 in the last three months. Insiders own 3.68% of the company's stock.

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.