Fmr LLC Has $773.86 Million Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

FMR LLC lifted its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 4.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,848,776 shares of the biotechnology company's stock after acquiring an additional 689,729 shares during the quarter. FMR LLC owned about 14.12% of Avidity Biosciences worth $773,864,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Arizona State Retirement System raised its stake in shares of Avidity Biosciences by 2.1% during the second quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company's stock valued at $816,000 after purchasing an additional 405 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Avidity Biosciences during the 3rd quarter worth $30,000. Values First Advisors Inc. acquired a new position in Avidity Biosciences in the 3rd quarter worth $32,000. nVerses Capital LLC boosted its position in 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 buying an additional 700 shares during the last quarter. Finally, Amalgamated Bank grew its stake in shares of Avidity Biosciences by 39.0% during the second quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company's stock valued at $143,000 after acquiring an additional 982 shares in the last quarter.

Insider Activity

In other Avidity Biosciences news, Director Arthur A. Levin sold 3,323 shares of the firm's stock in a transaction dated 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Michael F. Maclean sold 11,510 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $506,440.00. Following the sale, the chief financial officer now owns 96,355 shares in the company, valued at $4,239,620. This represents a 10.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 150,866 shares of company stock worth $6,724,557 over the last 90 days. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock traded down $0.47 during trading hours on Thursday, reaching $43.33. The company's stock had a trading volume of 730,032 shares, compared to its average volume of 1,308,517. Avidity Biosciences, Inc. has a one year low of $6.60 and a one year high of $56.00. The company's 50 day simple moving average is $45.52 and its 200 day simple moving average is $41.28. The stock has a market cap of $5.17 billion, a P/E ratio of -15.05 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data 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 net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.34 million for the quarter, compared to analysts' expectations of $7.09 million. On average, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on RNA. Royal Bank of Canada began coverage on Avidity Biosciences in a research note on Tuesday. They issued an "outperform" rating and a $67.00 price target on the stock. Cantor Fitzgerald reissued an "overweight" rating and set a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Evercore ISI reduced their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a research note on Monday, August 26th. Finally, Chardan Capital reissued a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $63.60.

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.