Swiss National Bank Raises Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Swiss National Bank raised its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 12.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 174,400 shares of the biotechnology company's stock after acquiring an additional 18,800 shares during the quarter. Swiss National Bank owned approximately 0.15% of Avidity Biosciences worth $5,072,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of RNA. National Bank of Canada FI purchased a new position in Avidity Biosciences during the third quarter valued at approximately $27,000. Van ECK Associates Corp bought a new position in Avidity Biosciences in the 4th quarter worth $38,000. Quest Partners LLC boosted its holdings in Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company's stock worth $93,000 after buying an additional 1,392 shares during the period. KBC Group NV increased its stake in Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after buying an additional 2,226 shares in the last quarter. Finally, US Bancorp DE lifted its position in shares of Avidity Biosciences by 25.2% in the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock valued at $191,000 after acquiring an additional 1,324 shares in the last quarter.

Avidity Biosciences Stock Performance

RNA stock traded down $0.96 during midday trading on Friday, reaching $31.60. 1,065,721 shares of the company traded hands, compared to its average volume of 1,338,207. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of -10.97 and a beta of 1.02. Avidity Biosciences, Inc. has a 52-week low of $21.56 and a 52-week high of $56.00. The business has a 50 day moving average of $31.48 and a 200-day moving average of $37.26.

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

Wall Street Analyst Weigh In

A number of research firms recently commented on RNA. Bank of America lowered their price target on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, March 10th. HC Wainwright reissued a "buy" rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Scotiabank started coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They set a "sector outperform" rating and a $70.00 target price for the company. Barclays dropped their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $66.69.

Insider Transactions at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 7,935 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $246,461.10. Following the sale, the chief financial officer now directly owns 96,720 shares in the company, valued at approximately $3,004,123.20. This represents a 7.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Arthur A. Levin sold 1,872 shares of the business's stock in a transaction on 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 of the company's stock, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,443 shares of company stock worth $2,241,889. 3.68% of the stock is currently owned by insiders.

About Avidity Biosciences

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.