Wellington Management Group LLP Acquires 3,228,923 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Wellington Management Group LLP lifted its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 84.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,030,949 shares of the biotechnology company's stock after acquiring an additional 3,228,923 shares during the quarter. Wellington Management Group LLP owned 5.89% of Avidity Biosciences worth $322,931,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. State Street Corp boosted its stake in Avidity Biosciences by 41.7% in the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock valued at $216,151,000 after acquiring an additional 1,386,087 shares during the period. Janus Henderson Group PLC lifted its holdings 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 purchasing an additional 1,239,323 shares during the last quarter. RA Capital Management L.P. boosted its position in Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock valued at $289,378,000 after purchasing an additional 900,000 shares during the period. D. E. Shaw & Co. Inc. grew its stake in Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock worth $30,190,000 after buying an additional 707,773 shares during the last quarter. Finally, FMR LLC increased its position in Avidity Biosciences by 4.3% in the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company's stock worth $773,864,000 after buying an additional 689,729 shares during the period.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the firm's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at approximately $678,175.90. This trade represents a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the completion of the sale, the insider now directly owns 94,018 shares of the company's stock, valued at approximately $4,561,753.36. This trade represents a 21.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 150,866 shares of company stock worth $6,724,557 over the last quarter. Company insiders own 3.68% of the company's stock.

Avidity Biosciences Stock Up 3.8 %

Shares of Avidity Biosciences stock traded up $1.39 during midday trading on Friday, hitting $38.27. The company's stock had a trading volume of 974,377 shares, compared to its average volume of 1,166,459. Avidity Biosciences, Inc. has a 1-year low of $6.79 and a 1-year high of $56.00. The firm has a market capitalization of $4.57 billion, a P/E ratio of -13.29 and a beta of 0.89. The stock has a 50-day simple moving average of $44.94 and a 200-day simple moving average of $41.82.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. As a group, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on RNA. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a "buy" rating and a $59.00 price target on the stock. TD Cowen boosted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. Needham & Company LLC reissued a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Chardan Capital reaffirmed a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Evercore ISI decreased their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating for the company in a research report on Monday, August 26th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $63.60.

Avidity Biosciences 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.