Pictet Asset Management Holding SA Buys 12,548 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Pictet Asset Management Holding SA increased its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 1.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 799,028 shares of the biotechnology company's stock after purchasing an additional 12,548 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.67% of Avidity Biosciences worth $23,236,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in Avidity Biosciences during the fourth quarter worth about $21,077,000. EFG Asset Management North America Corp. grew its position in shares of Avidity Biosciences by 94.9% in the fourth quarter. EFG Asset Management North America Corp. now owns 119,503 shares of the biotechnology company's stock valued at $3,476,000 after purchasing an additional 58,198 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after purchasing an additional 205,027 shares in the last quarter. LPL Financial LLC boosted its stake in Avidity Biosciences by 273.9% in the 4th quarter. LPL Financial LLC now owns 16,726 shares of the biotechnology company's stock worth $486,000 after purchasing an additional 12,253 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Avidity Biosciences in the fourth quarter worth about $521,000.

Wall Street Analyst Weigh In

Several brokerages recently commented on RNA. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price objective for the company. Chardan Capital reiterated a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Royal Bank of Canada restated an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Barclays decreased their target price on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Finally, Needham & Company LLC reissued a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $66.69.

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Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,872 shares of the business'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 transaction, the director now owns 12,958 shares in the company, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 10,397 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $297,250.23. Following the sale, the chief executive officer now owns 337,411 shares of the company's stock, valued at approximately $9,646,580.49. This represents a 2.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,318 shares of company stock worth $2,405,390 in the last ninety days. 3.68% of the stock is owned by company insiders.

Avidity Biosciences Stock Down 5.2 %

Shares of Avidity Biosciences stock traded down $1.46 during trading on Friday, reaching $26.64. The company's stock had a trading volume of 1,195,562 shares, compared to its average volume of 1,364,511. Avidity Biosciences, Inc. has a 52-week low of $21.56 and a 52-week high of $56.00. The firm's 50-day moving average is $31.41 and its two-hundred day moving average is $36.84. The company has a market cap of $3.20 billion, a price-to-earnings ratio of -9.27 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted 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). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.97 million for the quarter, compared to analysts' expectations of $1.74 million. On average, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

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.