Aquatic Capital Management LLC Takes Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Aquatic Capital Management LLC bought a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 60,641 shares of the biotechnology company's stock, valued at approximately $1,763,000. Aquatic Capital Management LLC owned 0.05% of Avidity Biosciences as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Voya Investment Management LLC boosted its position in Avidity Biosciences by 1.1% during the fourth quarter. Voya Investment Management LLC now owns 346,186 shares of the biotechnology company's stock valued at $10,067,000 after purchasing an additional 3,714 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Avidity Biosciences by 3.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock valued at $321,127,000 after buying an additional 408,861 shares in the last quarter. Silverarc Capital Management LLC grew its position in shares of Avidity Biosciences by 14.3% in the 4th quarter. Silverarc Capital Management LLC now owns 543,651 shares of the biotechnology company's stock worth $15,809,000 after buying an additional 68,096 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Avidity Biosciences by 111.4% during the 4th quarter. Hsbc Holdings PLC now owns 17,519 shares of the biotechnology company's stock worth $507,000 after acquiring an additional 9,230 shares in the last quarter. Finally, Avoro Capital Advisors LLC lifted its position in Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock valued at $218,100,000 after acquiring an additional 625,000 shares during the last quarter.

Avidity Biosciences Price Performance

NASDAQ RNA traded down $0.49 during trading hours on Friday, reaching $32.20. The company's stock had a trading volume of 1,233,092 shares, compared to its average volume of 1,408,475. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of -11.18 and a beta of 1.01. The company's 50-day moving average is $29.33 and its two-hundred day moving average is $34.28. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $56.00.

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 analysts' consensus estimates of ($0.76) by ($0.04). The company had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 7,935 shares of Avidity Biosciences 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 sale, the chief financial officer now owns 96,720 shares of the company's stock, valued at approximately $3,004,123.20. The trade was a 7.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the transaction, the insider now owns 50,554 shares in the company, valued at $1,406,917.82. This trade represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,803 shares of company stock valued at $1,876,027 over the last 90 days. Corporate insiders own 3.68% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RNA. Needham & Company LLC restated a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, April 9th. Citigroup started coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a "buy" rating and a $70.00 price objective on the stock. BMO Capital Markets initiated coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price for the company. Royal Bank of Canada reissued an "outperform" rating and issued a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Bank of America decreased their target price on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a report on Monday, March 10th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $66.69.

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.