Swiss National Bank Acquires 18,800 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Swiss National Bank grew its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 12.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 174,400 shares of the biotechnology company's stock after purchasing an additional 18,800 shares during the period. Swiss National Bank owned approximately 0.15% of Avidity Biosciences worth $5,072,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wellington Management Group LLP lifted its position in Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company's stock worth $322,931,000 after purchasing an additional 3,228,923 shares during the period. State Street Corp increased its position in shares of Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock valued at $216,151,000 after purchasing an additional 1,386,087 shares during the period. Janus Henderson Group PLC raised its stake in shares of Avidity Biosciences by 33.9% in the 3rd 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. lifted its holdings in shares of Avidity Biosciences by 16.7% in the third 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 during the period. Finally, FMR LLC boosted its stake in Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock valued at $773,864,000 after buying an additional 689,729 shares in the last quarter.

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Avidity Biosciences Stock Down 0.4 %

Shares of Avidity Biosciences stock traded down $0.14 during midday trading on Wednesday, hitting $31.97. The company's stock had a trading volume of 618,642 shares, compared to its average volume of 1,337,592. The firm has a market capitalization of $3.84 billion, a P/E ratio of -11.10 and a beta of 1.02. Avidity Biosciences, Inc. has a 1-year low of $21.56 and a 1-year high of $56.00. The stock has a 50-day simple moving average of $31.31 and a 200-day simple moving average of $37.33.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS 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%. As a group, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Wall Street Analyst Weigh In

RNA has been the topic of several research reports. Barclays dropped their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Chardan Capital reissued a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Bank of America reduced their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a report on Monday, March 10th. Scotiabank assumed coverage on Avidity Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price objective for the company. Finally, HC Wainwright restated a "buy" rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has an average rating of "Buy" and a consensus target price of $66.69.

Insider Buying and Selling

In related news, insider Teresa Mccarthy sold 2,959 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the sale, the insider now directly owns 104,908 shares in the company, valued at approximately $2,999,319.72. This trade represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 completion of the transaction, the director now owns 12,958 shares in the company, valued at $370,598.80. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 73,443 shares of company stock worth $2,241,889. 3.68% of the stock is owned by company 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.