Geode Capital Management LLC Buys 328,606 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Geode Capital Management LLC raised its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 14.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,585,303 shares of the biotechnology company's stock after acquiring an additional 328,606 shares during the period. Geode Capital Management LLC owned 2.17% of Avidity Biosciences worth $118,767,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences in the third quarter worth approximately $27,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences during the 3rd quarter worth $30,000. Values First Advisors Inc. acquired a new stake in Avidity Biosciences in the 3rd quarter valued at approximately $32,000. Quarry LP raised its stake in Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock valued at $82,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC increased its stake in Avidity Biosciences by 217.8% during the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock valued at $93,000 after acquiring an additional 1,392 shares during the period.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded up $0.61 during midday trading on Wednesday, reaching $33.35. The company's stock had a trading volume of 757,381 shares, compared to its average volume of 1,302,975. The stock has a market capitalization of $3.98 billion, a P/E ratio of -11.58 and a beta of 0.89. The firm has a 50 day moving average price of $43.24 and a 200-day moving average price of $42.27. Avidity Biosciences, Inc. has a 12-month low of $8.37 and a 12-month high of $56.00.

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on RNA shares. Needham & Company LLC reiterated a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Evercore ISI cut their price target on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a research report on Monday, August 26th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. TD Cowen lifted their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a report on Monday, October 21st. Finally, The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a "buy" rating and a $59.00 target price for the company. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and a consensus price target of $63.60.

Insider Transactions at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the firm's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the sale, the director now owns 14,830 shares of the company's stock, valued at $678,175.90. This trade represents a 25.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 32,880 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the transaction, the chief executive officer now directly owns 234,663 shares of the company's stock, valued at approximately $10,325,172. The trade was a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 174,866 shares of company stock valued at $7,583,037. 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.