Avidity Biosciences, Inc. (NASDAQ:RNA) is Silverarc Capital Management LLC's 10th Largest Position

Silverarc Capital Management LLC grew its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 14.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 543,651 shares of the biotechnology company's stock after purchasing an additional 68,096 shares during the quarter. Avidity Biosciences accounts for about 3.5% of Silverarc Capital Management LLC's holdings, making the stock its 10th biggest holding. Silverarc Capital Management LLC owned about 0.46% of Avidity Biosciences worth $15,809,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Stifel Financial Corp acquired a new stake in Avidity Biosciences in the 3rd quarter valued at about $368,000. Barclays PLC increased its position in shares of Avidity Biosciences by 68.5% in the 3rd quarter. Barclays PLC now owns 255,699 shares of the biotechnology company's stock valued at $11,743,000 after purchasing an additional 103,905 shares during the last quarter. Tidal Investments LLC acquired a new stake in shares of Avidity Biosciences in the 3rd quarter valued at $407,000. Franklin Resources Inc. grew its stake in shares of Avidity Biosciences by 229.9% during the third quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company's stock worth $3,412,000 after purchasing an additional 50,908 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its stake in Avidity Biosciences by 30.1% in the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock valued at $24,766,000 after buying an additional 124,867 shares in the last quarter.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,540 shares of the business's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the sale, the chief executive officer now directly owns 305,871 shares in the company, valued at approximately $9,500,353.26. The trade was a 9.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the sale, the insider now directly owns 50,554 shares in the company, valued at $1,406,917.82. This trade represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,803 shares of company stock valued at $1,876,027 in the last ninety days. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Stock Performance

RNA traded down $0.09 during trading on Friday, reaching $30.84. The company's stock had a trading volume of 917,463 shares, compared to its average volume of 1,410,664. The company's fifty day moving average price is $29.28 and its 200-day moving average price is $34.66. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). The business had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Equities analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on RNA. BMO Capital Markets began coverage on Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target for the company. Needham & Company LLC reissued a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Citigroup assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a "buy" rating and a $70.00 target price on the stock. Chardan Capital reissued a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Finally, Bank of America dropped their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price 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.