Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Purchased by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. lifted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 100.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,526 shares of the biotechnology company's stock after acquiring an additional 11,291 shares during the quarter. China Universal Asset Management Co. Ltd.'s holdings in Avidity Biosciences were worth $1,035,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in RNA. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Avidity Biosciences by 48.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,236 shares of the biotechnology company's stock valued at $179,000 after acquiring an additional 1,381 shares in the last quarter. Values First Advisors Inc. bought a new stake in Avidity Biosciences during the third quarter worth $32,000. International Assets Investment Management LLC purchased a new stake in Avidity Biosciences in the 3rd quarter valued at about $16,880,000. Precision Wealth Strategies LLC purchased a new stake in shares of Avidity Biosciences during the 3rd quarter valued at $251,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Avidity Biosciences in the third quarter valued at about $30,000.

Analysts Set New Price Targets

Several research firms recently commented on RNA. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a "buy" rating and a $59.00 price objective for the company. Cantor Fitzgerald reiterated an "overweight" rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. TD Cowen raised their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a report on Monday, October 21st. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Finally, Chardan Capital upped their price target on shares of Avidity Biosciences from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $63.22.

Insider Activity at Avidity Biosciences

In other news, CEO Sarah Boyce sold 32,880 shares of the firm's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the sale, the chief executive officer now owns 234,663 shares of the company's stock, valued at $10,325,172. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Sarah Boyce sold 32,880 shares of the business's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the sale, the chief executive officer now owns 234,663 shares of the company's stock, valued at approximately $10,325,172. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the company's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total transaction of $228,650.00. Following the sale, the director now directly owns 14,830 shares of the company's stock, valued at $678,175.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 155,543 shares of company stock worth $6,995,842 over the last three months. 3.68% of the stock is owned by corporate insiders.

Avidity Biosciences Trading Down 3.0 %

NASDAQ:RNA traded down $1.35 during mid-day trading on Wednesday, reaching $43.22. The company's stock had a trading volume of 549,653 shares, compared to its average volume of 1,317,590. The stock has a market cap of $4.75 billion, a P/E ratio of -14.70 and a beta of 0.89. The firm's fifty day moving average price is $44.43 and its two-hundred day moving average price is $38.46. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $50.78.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The firm had revenue of $2.05 million during the quarter, compared to analysts' expectations of $7.09 million. Analysts predict that Avidity Biosciences, Inc. will post -2.99 earnings per share for the current fiscal year.

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.