Renaissance Technologies LLC Boosts Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Renaissance Technologies LLC grew its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 48.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 211,200 shares of the biotechnology company's stock after purchasing an additional 69,300 shares during the quarter. Renaissance Technologies LLC owned about 0.18% of Avidity Biosciences worth $6,142,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of RNA. Aaron Wealth Advisors LLC grew its stake in Avidity Biosciences by 6.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company's stock valued at $236,000 after buying an additional 504 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Avidity Biosciences by 0.3% during the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock worth $5,374,000 after purchasing an additional 598 shares in the last quarter. Xponance Inc. boosted its stake in Avidity Biosciences by 11.0% in the 4th quarter. Xponance Inc. now owns 7,957 shares of the biotechnology company's stock worth $231,000 after purchasing an additional 791 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Avidity Biosciences by 0.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,855 shares of the biotechnology company's stock valued at $6,335,000 after buying an additional 830 shares in the last quarter. Finally, Van ECK Associates Corp purchased a new stake in shares of Avidity Biosciences in the fourth quarter worth about $38,000.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CFO Michael F. Maclean sold 7,935 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $246,461.10. Following the transaction, the chief financial officer now owns 96,720 shares in the company, valued at approximately $3,004,123.20. This represents a 7.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the completion of the sale, the insider now owns 50,554 shares of the company's stock, valued at $1,406,917.82. This represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,803 shares of company stock worth $1,876,027. Corporate insiders own 3.68% of the company's stock.

Avidity Biosciences Price Performance

NASDAQ RNA traded up $0.93 during trading on Tuesday, hitting $29.45. 1,755,004 shares of the company's stock traded hands, compared to its average volume of 1,406,214. The firm has a market cap of $3.54 billion, a P/E ratio of -10.23 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 stock has a fifty day moving average of $29.44 and a two-hundred day moving average of $34.92.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

RNA has been the topic of several recent analyst reports. Scotiabank assumed coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 target price on the stock. HC Wainwright restated a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th. BMO Capital Markets started coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price objective for the company. Finally, Citigroup started coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They issued a "buy" rating and a $70.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has an average rating of "Buy" and an average price target of $66.69.

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.