Avidity Biosciences, Inc. (NASDAQ:RNA) Holdings Boosted by Victory Capital Management Inc.

Victory Capital Management Inc. boosted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 52.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 33,184 shares of the biotechnology company's stock after buying an additional 11,367 shares during the quarter. Victory Capital Management Inc.'s holdings in Avidity Biosciences were worth $1,524,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. D. E. Shaw & Co. Inc. boosted its stake in shares of Avidity Biosciences by 2,263.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock valued at $30,190,000 after acquiring an additional 707,773 shares during the last quarter. Sofinnova Investments Inc. acquired a new stake in Avidity Biosciences in the 2nd quarter worth about $875,000. Darwin Global Management Ltd. purchased a new stake in Avidity Biosciences in the 2nd quarter valued at about $8,108,000. American Century Companies Inc. increased its stake in shares of Avidity Biosciences by 18.5% during the 2nd quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company's stock valued at $6,725,000 after acquiring an additional 25,663 shares during the last quarter. Finally, Assetmark Inc. acquired a new position in shares of Avidity Biosciences during the 3rd quarter valued at about $566,000.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on RNA shares. TD Cowen boosted their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a report on Monday, October 21st. Cantor Fitzgerald reissued an "overweight" rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Evercore ISI cut their target price on Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a research report on Monday, August 26th. Chardan Capital reiterated a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Royal Bank of Canada started coverage on Avidity Biosciences in a report on Tuesday. They issued an "outperform" rating and a $67.00 price objective on the stock. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences presently has an average rating of "Buy" and an average target price of $63.60.

Avidity Biosciences Price Performance

Avidity Biosciences stock traded down $1.33 during midday trading on Tuesday, hitting $43.80. 1,200,980 shares of the company were exchanged, compared to its average volume of 1,311,042. The company has a market cap of $5.23 billion, a PE ratio of -15.21 and a beta of 0.91. Avidity Biosciences, Inc. has a fifty-two week low of $5.97 and a fifty-two week high of $56.00. The company's fifty day moving average price is $45.51 and its 200-day moving average price is $41.14.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share 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. On average, analysts expect that Avidity Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

Insider Activity

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the transaction, the director now directly owns 14,830 shares in the company, valued at $678,175.90. This represents a 25.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Michael F. Maclean sold 11,510 shares of the firm's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $506,440.00. Following the transaction, the chief financial officer now directly owns 96,355 shares of the company's stock, valued at approximately $4,239,620. This represents a 10.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 150,866 shares of company stock worth $6,724,557 over the last ninety days. Corporate insiders own 3.68% of the company's stock.

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.