State Street Corp Grows Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

State Street Corp lifted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 41.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,706,106 shares of the biotechnology company's stock after purchasing an additional 1,386,087 shares during the period. State Street Corp owned 3.94% of Avidity Biosciences worth $216,151,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of RNA. Janus Henderson Group PLC grew its position in Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company's stock worth $224,774,000 after buying an additional 1,239,323 shares in the last quarter. RA Capital Management L.P. raised its holdings in shares of Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock valued at $289,378,000 after buying an additional 900,000 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its position in Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock worth $30,190,000 after buying an additional 707,773 shares during the last quarter. FMR LLC boosted its stake in Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock worth $773,864,000 after buying an additional 689,729 shares in the last quarter. Finally, Avoro Capital Advisors LLC grew its position in Avidity Biosciences by 11.7% during the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company's stock valued at $265,729,000 after acquiring an additional 680,000 shares during the last quarter.

Analysts Set New Price Targets

Several research firms have recently commented on RNA. Barclays began coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 price objective on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Monday, September 16th. Royal Bank of Canada began coverage on Avidity Biosciences in a research note on Tuesday, November 26th. They set an "outperform" rating and a $67.00 price objective for the company. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They set a "buy" rating and a $59.00 price target for the company. Finally, Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $63.60.

Insider Transactions at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 11,510 shares of the firm's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $506,440.00. Following the completion of the sale, the chief financial officer now owns 96,355 shares in the company, valued at approximately $4,239,620. This trade represents a 10.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur A. Levin sold 3,323 shares of Avidity Biosciences stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total value of $139,964.76. Following the sale, the director now owns 14,830 shares of the company's stock, valued at approximately $624,639.60. This trade represents a 18.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 150,866 shares of company stock valued at $6,724,557 in the last ninety days. Corporate insiders own 3.68% of the company's stock.

Avidity Biosciences Stock Performance

RNA traded down $1.57 during trading on Thursday, reaching $34.01. 598,956 shares of the company traded hands, compared to its average volume of 1,299,806. Avidity Biosciences, Inc. has a 12-month low of $6.79 and a 12-month high of $56.00. The firm has a fifty day simple moving average of $44.28 and a 200 day simple moving average of $41.99. The company has a market cap of $4.06 billion, a P/E ratio of -12.35 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.14. 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 $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current fiscal 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.