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

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

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Wellington Management Group LLP grew its position in Avidity Biosciences by 15.3% in the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock worth $235,725,000 after purchasing an additional 1,075,148 shares during the period. Norges Bank purchased a new position in shares of Avidity Biosciences in the 4th quarter worth $21,077,000. Avoro Capital Advisors LLC grew its holdings in shares of Avidity Biosciences by 9.1% in the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock worth $218,100,000 after acquiring an additional 625,000 shares during the period. Price T Rowe Associates Inc. MD increased its position in Avidity Biosciences by 3.8% during the fourth 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 acquiring an additional 408,861 shares during the last quarter. Finally, Finepoint Capital LP bought a new position in Avidity Biosciences in the fourth quarter valued at about $11,379,000.

Wall Street Analyst Weigh In

RNA has been the subject of several research reports. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Scotiabank assumed coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. BMO Capital Markets assumed coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price on the stock. Citigroup initiated coverage on Avidity Biosciences in a research report on Thursday, March 13th. They issued a "buy" rating and a $70.00 price target for the company. Finally, Bank of America lowered their price objective on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $66.69.

Avidity Biosciences Stock Performance

Shares of RNA traded down $0.49 during midday trading on Friday, hitting $32.20. 1,233,092 shares of the company traded hands, compared to its average volume of 1,414,969. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The firm has a 50 day moving average of $29.39 and a 200-day moving average of $33.98. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of -11.18 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) earnings per share for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). The business had revenue of $2.97 million during 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%. Sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In related news, CFO Michael F. Maclean sold 7,935 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $246,461.10. Following the completion of the sale, the chief financial officer now directly owns 96,720 shares of the company's stock, valued at $3,004,123.20. This represents a 7.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $32.40, for a total transaction of $190,350.00. Following the completion of the sale, the insider now directly owns 50,554 shares of the company's stock, valued at $1,637,949.60. The trade was a 10.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,678 shares of company stock worth $2,066,377. 3.68% of the stock is currently owned by insiders.

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.