Franklin Resources Inc. Acquires 50,908 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Franklin Resources Inc. grew its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 229.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,047 shares of the biotechnology company's stock after acquiring an additional 50,908 shares during the period. Franklin Resources Inc. owned 0.06% of Avidity Biosciences worth $3,412,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. National Bank of Canada FI acquired a new stake in Avidity Biosciences in the third quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences in the 3rd quarter valued at about $30,000. Values First Advisors Inc. acquired a new stake in Avidity Biosciences in the 3rd quarter valued at about $32,000. Quarry LP grew its holdings in Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock worth $82,000 after purchasing an additional 1,700 shares during the period. Finally, Quest Partners LLC increased its position in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock worth $93,000 after buying an additional 1,392 shares during the last quarter.

Insider Buying and Selling

In related news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $46.63, for a total value of $233,150.00. Following the completion of the transaction, the director now owns 14,830 shares of the company's stock, valued at $691,522.90. This represents a 25.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider W. Michael Flanagan sold 24,000 shares of the business's stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total transaction of $858,480.00. Following the sale, the insider now directly owns 85,389 shares in the company, valued at approximately $3,054,364.53. The trade was a 21.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 193,071 shares of company stock worth $7,474,724. Corporate insiders own 3.68% of the company's stock.

Avidity Biosciences Trading Down 0.9 %

NASDAQ RNA traded down $0.29 during trading on Wednesday, reaching $31.35. The company's stock had a trading volume of 320,748 shares, compared to its average volume of 1,312,842. Avidity Biosciences, Inc. has a 12 month low of $8.86 and a 12 month high of $56.00. The firm has a 50 day moving average price of $41.42 and a 200 day moving average price of $42.34. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of -10.89 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RNA. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a "buy" rating and a $59.00 price target for the company. Barclays began coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 price objective on the stock. Chardan Capital restated a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, TD Cowen upped their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $64.36.

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.