Magnetar Financial LLC Takes $640,000 Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Magnetar Financial LLC bought a new position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 22,003 shares of the biotechnology company's stock, valued at approximately $640,000.

Other hedge funds have also modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of Avidity Biosciences in the 4th quarter valued at approximately $386,000. Lord Abbett & CO. LLC raised its stake in Avidity Biosciences by 30.1% during the 3rd 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 period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Avidity Biosciences by 24.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company's stock valued at $45,479,000 after purchasing an additional 197,065 shares in the last quarter. RA Capital Management L.P. boosted its position in shares of Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock worth $289,378,000 after buying an additional 900,000 shares during the period. Finally, FMR LLC grew its holdings in shares of Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock valued at $773,864,000 after buying an additional 689,729 shares in the last quarter.

Avidity Biosciences Stock Performance

Shares of RNA traded down $0.05 during trading hours on Wednesday, hitting $32.05. 1,576,969 shares of the company were exchanged, compared to its average volume of 1,319,257. The firm's 50 day moving average is $31.31 and its 200-day moving average is $37.33. Avidity Biosciences, Inc. has a 52 week low of $21.56 and a 52 week high of $56.00. The company has a market cap of $3.85 billion, a PE ratio of -11.13 and a beta of 1.02.

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Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The business had revenue of $2.97 million during 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%. As a group, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In related news, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction dated 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 directly owns 12,958 shares of the company's stock, valued at $370,598.80. This trade represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,625,816.64. This trade represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 73,443 shares of company stock worth $2,241,889. Insiders own 3.68% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on RNA. Barclays decreased their price objective on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Bank of America lowered their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price for the company. Chardan Capital reaffirmed a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, Needham & Company LLC reissued a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences has an average rating of "Buy" and a consensus target price of $66.69.

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.