Casdin Capital LLC Has $59.47 Million Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Casdin Capital LLC lessened its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 1.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,045,000 shares of the biotechnology company's stock after selling 39,841 shares during the period. Avidity Biosciences accounts for 4.0% of Casdin Capital LLC's investment portfolio, making the stock its 7th largest position. Casdin Capital LLC owned about 1.71% of Avidity Biosciences worth $59,469,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Barclays PLC lifted its holdings in Avidity Biosciences by 68.5% during the 3rd quarter. Barclays PLC now owns 255,699 shares of the biotechnology company's stock worth $11,743,000 after purchasing an additional 103,905 shares in the last quarter. Tidal Investments LLC bought a new position in shares of Avidity Biosciences in the third quarter valued at approximately $407,000. Franklin Resources Inc. grew its stake in Avidity Biosciences by 229.9% during 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 in the last quarter. Assenagon Asset Management S.A. bought a new stake in Avidity Biosciences during the 4th quarter worth approximately $1,179,000. Finally, Aaron Wealth Advisors LLC boosted its holdings in Avidity Biosciences by 6.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company's stock valued at $236,000 after purchasing an additional 504 shares during the period.

Wall Street Analysts Forecast Growth

RNA has been the subject of several research analyst reports. HC Wainwright reissued a "buy" rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Chardan Capital reiterated a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday. Royal Bank of Canada restated an "outperform" rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Scotiabank started coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 target price for the company. Finally, Citigroup started coverage on Avidity Biosciences in a research report on Thursday, March 13th. They issued a "buy" rating and a $70.00 target price for the company. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $66.69.

Avidity Biosciences Stock Performance

RNA stock traded down $0.82 on Friday, reaching $27.87. The company's stock had a trading volume of 1,154,170 shares, compared to its average volume of 1,437,245. The firm has a market cap of $3.36 billion, a PE ratio of -9.68 and a beta of 1.00. The business has a fifty day simple moving average of $29.28 and a two-hundred day simple moving average of $33.40. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). 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 $1.60 million for the quarter, compared to analysts' expectations of $2.63 million. As a group, research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the completion of the sale, the insider now owns 50,554 shares of the company's stock, valued at approximately $1,406,917.82. The trade was a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the transaction, the chief executive officer now directly owns 305,871 shares in the company, valued at approximately $9,500,353.26. The trade was a 9.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,803 shares of company stock valued at $1,877,437. Insiders own 3.68% of the company's stock.

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.