Natixis Advisors LLC Acquires Shares of 13,577 Avidity Biosciences, Inc. (NASDAQ:RNA)

Natixis Advisors LLC purchased a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 13,577 shares of the biotechnology company's stock, valued at approximately $395,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RNA. National Bank of Canada FI bought a new position in Avidity Biosciences in the 3rd quarter worth $27,000. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences during the 4th quarter valued at about $38,000. Quest Partners LLC grew its stake in shares of Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock valued at $93,000 after acquiring an additional 1,392 shares during the period. KBC Group NV increased its holdings in Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after acquiring an additional 2,226 shares in the last quarter. Finally, US Bancorp DE raised its stake in Avidity Biosciences by 25.2% during the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after acquiring an additional 1,324 shares during the period.

Insider Activity

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,872 shares of the firm's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the sale, the director now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the transaction, the chief executive officer now owns 305,871 shares of the company's stock, valued at $9,500,353.26. This trade represents a 9.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 73,443 shares of company stock valued at $2,241,889 in the last ninety days. Insiders own 3.68% of the company's stock.

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Avidity Biosciences Trading Down 2.9 %

RNA traded down $0.96 during trading hours on Friday, hitting $31.60. The company's stock had a trading volume of 1,065,721 shares, compared to its average volume of 1,338,630. Avidity Biosciences, Inc. has a 12 month low of $21.56 and a 12 month high of $56.00. The business's 50-day moving average price is $31.53 and its 200-day moving average price is $37.17. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of -10.97 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its 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 for the quarter, compared to analysts' expectations of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Chardan Capital reissued a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Bank of America cut 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. BMO Capital Markets began coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target 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.