Norges Bank Buys New Shares in Avidity Biosciences, Inc. (NASDAQ:RNA)

Norges Bank acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 724,787 shares of the biotechnology company's stock, valued at approximately $21,077,000. Norges Bank owned about 0.61% of Avidity Biosciences as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in RNA. Y Intercept Hong Kong Ltd bought a new position in Avidity Biosciences in the fourth quarter valued at about $386,000. Lord Abbett & CO. LLC lifted its position 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. Neo Ivy Capital Management bought a new position in shares of Avidity Biosciences in the 3rd quarter valued at about $762,000. Bank of New York Mellon Corp grew its position in shares of 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 worth $10,557,000 after buying an additional 59,295 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Avidity Biosciences by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after buying an additional 205,027 shares during the last quarter.

Insider Buying and Selling

In other news, insider Steven George Hughes sold 9,578 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the transaction, the insider now directly owns 72,850 shares in the company, valued at $2,262,721. This represents a 11.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Teresa Mccarthy sold 2,959 shares of the firm's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the transaction, the insider now owns 104,908 shares of the company's stock, valued at $2,999,319.72. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 79,318 shares of company stock worth $2,405,390. 3.68% of the stock is owned by corporate insiders.

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Avidity Biosciences Price Performance

RNA traded up $1.47 during trading on Friday, reaching $25.58. The company had a trading volume of 1,550,284 shares, compared to its average volume of 1,390,460. The company has a market cap of $3.08 billion, a P/E ratio of -8.88 and a beta of 1.01. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The business's fifty day moving average price is $30.31 and its 200 day moving average price is $35.78.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS 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 company had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. As a group, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on RNA. BMO Capital Markets started coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price for the company. 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 note on Friday, February 28th. HC Wainwright reissued a "buy" rating and issued a $72.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. 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. Finally, Scotiabank assumed coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price target on the stock. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average 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.