Dynamic Technology Lab Private Ltd Buys New Shares in Avidity Biosciences, Inc. (NASDAQ:RNA)

Dynamic Technology Lab Private Ltd bought a new position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 13,830 shares of the biotechnology company's stock, valued at approximately $402,000.

Several other large investors have also recently modified their holdings of RNA. Vanguard Group Inc. lifted its stake in Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after purchasing an additional 205,027 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Avidity Biosciences by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock worth $235,725,000 after buying an additional 1,075,148 shares during the period. State Street Corp lifted its stake in shares of Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock worth $216,151,000 after acquiring an additional 1,386,087 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Avidity Biosciences by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 2,807,455 shares of the biotechnology company's stock valued at $82,832,000 after acquiring an additional 222,152 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Avidity Biosciences by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,028,931 shares of the biotechnology company's stock valued at $29,921,000 after acquiring an additional 38,749 shares during the last quarter.

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Analyst Ratings Changes

RNA has been the subject of several research analyst reports. Barclays decreased their target price on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Bank of America lowered their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Chardan Capital reaffirmed a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. BMO Capital Markets started coverage on Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target for the company. Finally, HC Wainwright reissued a "buy" rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $66.69.

Avidity Biosciences Trading Down 1.8 %

Shares of RNA traded down $0.49 during trading hours on Tuesday, hitting $26.42. The company had a trading volume of 188,560 shares, compared to its average volume of 1,389,917. The company has a market capitalization of $3.18 billion, a PE ratio of -9.17 and a beta of 1.01. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The company's fifty day moving average price is $30.15 and its two-hundred day moving average price is $35.63.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its 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 firm had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. Analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Teresa Mccarthy sold 2,959 shares of the business's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $84,597.81. Following the transaction, the insider now directly owns 104,908 shares in the company, valued at $2,999,319.72. The trade was a 2.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Arthur A. Levin sold 1,872 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the sale, the director now owns 12,958 shares of the company's stock, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,318 shares of company stock worth $2,405,390 in the last 90 days. 3.68% of the stock is owned by corporate insiders.

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.