Trexquant Investment LP Increases Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Trexquant Investment LP increased its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 383.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 76,495 shares of the biotechnology company's stock after acquiring an additional 60,685 shares during the period. Trexquant Investment LP owned about 0.06% of Avidity Biosciences worth $2,224,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Aaron Wealth Advisors LLC increased its position in shares of Avidity Biosciences by 6.6% in the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company's stock valued at $236,000 after acquiring an additional 504 shares during the period. National Bank of Canada FI bought a new position in shares of Avidity Biosciences during the third quarter valued at approximately $27,000. New York State Common Retirement Fund boosted its holdings in Avidity Biosciences by 0.3% in the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock valued at $5,374,000 after acquiring an additional 598 shares in the last quarter. Xponance Inc. increased its position in Avidity Biosciences by 11.0% during the 4th quarter. Xponance Inc. now owns 7,957 shares of the biotechnology company's stock valued at $231,000 after purchasing an additional 791 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Avidity Biosciences by 0.4% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,855 shares of the biotechnology company's stock worth $6,335,000 after purchasing an additional 830 shares during the period.

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Wall Street Analysts Forecast Growth

RNA has been the topic of several research reports. HC Wainwright reaffirmed a "buy" rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Chardan Capital reaffirmed a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Needham & Company LLC restated a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, April 9th. Scotiabank began coverage on Avidity Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 target price on the stock. Finally, Barclays reduced their price target on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Thirteen 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 target price of $66.69.

Avidity Biosciences Trading Up 2.0 %

NASDAQ RNA traded up $0.52 during trading hours on Monday, hitting $26.10. 74,885 shares of the company's stock traded hands, compared to its average volume of 1,387,662. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The business's fifty day moving average price is $30.31 and its two-hundred day moving average price is $35.74. The firm has a market capitalization of $3.14 billion, a P/E ratio of -9.06 and a beta of 1.01.

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 (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. On average, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Activity

In other news, CFO Michael F. Maclean sold 7,935 shares of the stock in a transaction that occurred on 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 directly owns 96,720 shares in the company, valued at approximately $3,004,123.20. This trade represents a 7.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the sale, the insider now directly owns 50,554 shares in the company, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 79,318 shares of company stock worth $2,405,390. 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.