Marshall Wace LLP Has $4.74 Million Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Marshall Wace LLP trimmed its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 10.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 162,863 shares of the biotechnology company's stock after selling 19,342 shares during the quarter. Marshall Wace LLP owned approximately 0.14% of Avidity Biosciences worth $4,736,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of RNA. Aaron Wealth Advisors LLC raised its position in shares of Avidity Biosciences by 6.6% in the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company's stock valued at $236,000 after purchasing an additional 504 shares during the period. New York State Common Retirement Fund raised its holdings in Avidity Biosciences by 0.3% in the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock valued at $5,374,000 after acquiring an additional 598 shares during the period. Summit Investment Advisors Inc. lifted its position in Avidity Biosciences by 6.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,611 shares of the biotechnology company's stock worth $338,000 after acquiring an additional 666 shares during the last quarter. Xponance Inc. boosted its holdings in shares of Avidity Biosciences by 11.0% during the fourth quarter. Xponance Inc. now owns 7,957 shares of the biotechnology company's stock worth $231,000 after acquiring an additional 791 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Avidity Biosciences by 0.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,855 shares of the biotechnology company's stock valued at $6,335,000 after purchasing an additional 830 shares during the last quarter.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Bank of America reduced their price target on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 10th. HC Wainwright reissued a "buy" rating and issued a $72.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Citigroup assumed coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They issued a "buy" rating and a $70.00 price target on the stock. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective for the company. Finally, Needham & Company LLC restated a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and an average target price of $66.69.

Avidity Biosciences Trading Down 0.3 %

NASDAQ:RNA traded down $0.09 on Friday, hitting $30.84. The company had a trading volume of 917,463 shares, compared to its average volume of 1,412,174. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.01. The firm has a 50 day moving average of $29.28 and a two-hundred day moving average of $34.51.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $1.74 million. As a group, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Transactions at Avidity Biosciences

In related news, insider Steven George Hughes sold 9,578 shares of the business's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $297,492.68. Following the sale, the insider now owns 72,850 shares of the company's stock, valued at $2,262,721. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction on 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. This represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,803 shares of company stock worth $1,876,027. Insiders own 3.68% of the company's stock.

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.