KLP Kapitalforvaltning AS Purchases Shares of 17,900 Avidity Biosciences, Inc. (NASDAQ:RNA)

KLP Kapitalforvaltning AS acquired a new position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 17,900 shares of the biotechnology company's stock, valued at approximately $521,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd bought a new position in shares of Avidity Biosciences in the 4th quarter worth about $386,000. Lord Abbett & CO. LLC lifted its holdings in shares of Avidity Biosciences by 30.1% during the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock valued at $24,766,000 after purchasing an additional 124,867 shares during the last quarter. RA Capital Management L.P. boosted its position in shares of Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock worth $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Avidity Biosciences in the 3rd quarter worth approximately $762,000. Finally, Bank of New York Mellon Corp increased its position in Avidity Biosciences by 19.5% during the 4th quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company's stock valued at $10,557,000 after buying an additional 59,295 shares in the last quarter.

Avidity Biosciences Stock Performance

Shares of RNA stock traded down $1.40 on Tuesday, reaching $24.08. The stock had a trading volume of 2,073,332 shares, compared to its average volume of 1,372,042. The stock has a market cap of $2.89 billion, a P/E ratio of -8.36 and a beta of 1.01. Avidity Biosciences, Inc. has a 1 year low of $22.24 and a 1 year high of $56.00. The company has a 50 day simple moving average of $30.94 and a 200 day simple moving average of $36.27.

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Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. On average, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on RNA. Needham & Company LLC reissued a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Royal Bank of Canada reissued an "outperform" rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Bank of America decreased their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a report on Monday, March 10th. Citigroup assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a "buy" rating and a $70.00 price target on the stock. Finally, BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective for the company. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $66.69.

Insider Activity at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 2,959 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the transaction, the insider now directly owns 104,908 shares in the company, valued at approximately $2,999,319.72. The trade was a 2.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the sale, the director now owns 12,958 shares in the company, 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 company insiders.

Avidity Biosciences 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.