Janus Henderson Group PLC Boosts Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Janus Henderson Group PLC increased its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 44.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,053,010 shares of the biotechnology company's stock after acquiring an additional 2,156,844 shares during the quarter. Janus Henderson Group PLC owned about 5.91% of Avidity Biosciences worth $205,134,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. lifted its position in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after buying an additional 866 shares during the period. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences in the 4th quarter worth about $38,000. Headlands Technologies LLC purchased a new position in shares of Avidity Biosciences in the 4th quarter worth about $60,000. KBC Group NV raised its position in shares of Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after purchasing an additional 2,226 shares during the last quarter. Finally, US Bancorp DE raised its position in shares of Avidity Biosciences by 25.2% in the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after purchasing an additional 1,324 shares during the last quarter.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,540 shares of the business's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the completion of the sale, the chief executive officer now directly owns 305,871 shares in the company, valued at $9,500,353.26. The trade was a 9.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven George Hughes sold 9,578 shares of the business'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 $297,492.68. Following the sale, the insider now owns 72,850 shares of the company's stock, valued at approximately $2,262,721. This represents a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,803 shares of company stock worth $1,877,437 in the last three months. 3.83% of the stock is currently owned by company insiders.

Avidity Biosciences Price Performance

NASDAQ RNA traded up $1.38 during trading hours on Friday, hitting $30.35. The company's stock had a trading volume of 1,342,137 shares, compared to its average volume of 1,437,864. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The company's 50 day simple moving average is $29.22 and its two-hundred day simple moving average is $32.87. The company has a market cap of $3.66 billion, a P/E ratio of -10.54 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.63 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.

Wall Street Analyst Weigh In

RNA has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Barclays lowered their price target on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Bank of America lowered their price target on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, March 10th. BMO Capital Markets initiated coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target for the company. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $66.38.

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.