Jump Financial LLC Acquires New Shares in Avidity Biosciences, Inc. (NASDAQ:RNA)

Jump Financial LLC bought a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 95,575 shares of the biotechnology company's stock, valued at approximately $2,779,000. Jump Financial LLC owned approximately 0.08% of Avidity Biosciences at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RNA. National Bank of Canada FI acquired a new position in Avidity Biosciences during the third quarter worth $27,000. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences during the 4th quarter worth about $38,000. Headlands Technologies LLC bought a new stake in shares of Avidity Biosciences in the 4th quarter valued at about $60,000. KBC Group NV lifted its stake in Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock valued at $130,000 after purchasing an additional 2,226 shares during the last quarter. Finally, US Bancorp DE grew its holdings in Avidity Biosciences by 25.2% during the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after purchasing an additional 1,324 shares during the period.

Analyst Upgrades and Downgrades

RNA has been the subject of a number of recent analyst reports. Bank of America cut their price objective on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, March 10th. BMO Capital Markets started coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Chardan Capital reiterated a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Finally, Barclays cut their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $66.69.

Avidity Biosciences Price Performance

NASDAQ:RNA traded up $0.90 during trading hours on Tuesday, reaching $29.42. 1,315,729 shares of the company were exchanged, compared to its average volume of 1,404,551. The company has a market capitalization of $3.54 billion, a P/E ratio of -10.22 and a beta of 1.01. The business has a 50 day moving average of $29.44 and a 200 day moving average of $34.92. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly 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 company had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. As a group, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, CEO Sarah Boyce sold 31,540 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the sale, the chief executive officer now directly owns 305,871 shares of the company's stock, valued at $9,500,353.26. This trade represents a 9.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,803 shares of company stock valued at $1,876,027 in the last ninety days. 3.68% of the stock is currently owned by company 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.