Walleye Capital LLC Invests $2.67 Million in Avidity Biosciences, Inc. (NASDAQ:RNA)

Walleye Capital LLC bought a new position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 91,935 shares of the biotechnology company's stock, valued at approximately $2,673,000. Walleye Capital LLC owned about 0.08% of Avidity Biosciences at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Y Intercept Hong Kong Ltd acquired a new position in shares of Avidity Biosciences in the 4th quarter valued at $386,000. Lord Abbett & CO. LLC raised its position in shares of Avidity Biosciences by 30.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock valued at $24,766,000 after acquiring an additional 124,867 shares during the period. Vanguard Group Inc. raised its stake in Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after buying an additional 205,027 shares during the period. Bank of New York Mellon Corp boosted its position in Avidity Biosciences by 19.5% during the 4th quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company's stock worth $10,557,000 after acquiring an additional 59,295 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Avidity Biosciences by 229.9% in the third quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company's stock valued at $3,412,000 after acquiring an additional 50,908 shares during the last quarter.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences 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 $3,004,123.20. This trade represents a 7.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the sale, the insider now directly owns 50,554 shares of the company's stock, 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. Insiders have sold a total of 60,803 shares of company stock worth $1,876,027 over the last ninety days. 3.68% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RNA. Citigroup assumed coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They issued a "buy" rating and a $70.00 price objective for the company. Royal Bank of Canada reiterated an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Chardan Capital reaffirmed a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. HC Wainwright restated a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, Scotiabank initiated coverage on shares of 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. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $66.69.

Avidity Biosciences Price Performance

NASDAQ RNA traded up $0.92 on Tuesday, reaching $29.44. The company had a trading volume of 1,315,729 shares, compared to its average volume of 1,494,751. The business has a 50 day moving average of $29.44 and a two-hundred day moving average of $34.92. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of -10.22 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The firm had revenue of $2.97 million for the quarter, compared to the consensus estimate 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, research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

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.