Geode Capital Management LLC Increases Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Geode Capital Management LLC boosted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 8.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,807,455 shares of the biotechnology company's stock after purchasing an additional 222,152 shares during the period. Geode Capital Management LLC owned about 2.35% of Avidity Biosciences worth $82,832,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in RNA. National Bank of Canada FI bought a new stake in Avidity Biosciences in the third quarter worth $27,000. Van ECK Associates Corp purchased a new position in Avidity Biosciences in the fourth quarter worth about $38,000. KBC Group NV lifted its stake in shares of Avidity Biosciences by 99.0% in the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after buying an additional 2,226 shares in the last quarter. US Bancorp DE grew its holdings in shares of Avidity Biosciences by 25.2% during the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock valued at $191,000 after buying an additional 1,324 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Avidity Biosciences during the fourth quarter valued at approximately $210,000.

Insider Buying and Selling

In related news, CFO Michael F. Maclean sold 3,287 shares of Avidity Biosciences stock in a transaction that occurred on 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 owns 104,655 shares in the company, valued at approximately $2,992,086.45. This trade represents a 3.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arthur A. Levin sold 1,872 shares of the firm's stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares of the company's stock, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,318 shares of company stock worth $2,405,390. 3.68% of the stock is owned by corporate insiders.

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Wall Street Analyst Weigh In

RNA has been the topic of a number of research analyst reports. Chardan Capital restated a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Bank of America dropped their target price on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. HC Wainwright restated a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Finally, Barclays lowered their target price on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $66.69.

Avidity Biosciences Stock Down 3.0 %

Shares of NASDAQ:RNA traded down $0.80 during midday trading on Wednesday, reaching $25.89. The company's stock had a trading volume of 149,545 shares, compared to its average volume of 1,391,004. The stock has a fifty day moving average of $29.98 and a 200 day moving average of $35.57. The firm has a market capitalization of $3.11 billion, a PE ratio of -8.98 and a beta of 1.01. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted 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). The business had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

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.