Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Bought by Avoro Capital Advisors LLC

Avoro Capital Advisors LLC grew its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 9.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,500,000 shares of the biotechnology company's stock after buying an additional 625,000 shares during the quarter. Avidity Biosciences accounts for about 3.1% of Avoro Capital Advisors LLC's investment portfolio, making the stock its 12th biggest position. Avoro Capital Advisors LLC owned 6.29% of Avidity Biosciences worth $218,100,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP boosted its holdings in shares of Avidity Biosciences by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock valued at $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 during the fourth quarter valued at $21,077,000. Finepoint Capital LP bought a new stake in shares of Avidity Biosciences in the fourth quarter valued at about $11,379,000. Geode Capital Management LLC lifted its stake in Avidity Biosciences by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 2,807,455 shares of the biotechnology company's stock worth $82,832,000 after acquiring an additional 222,152 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after acquiring an additional 205,027 shares in the last quarter.

Analyst Upgrades and Downgrades

RNA has been the topic of a number of recent research reports. Citigroup began coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price objective on the stock. Barclays reduced their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Scotiabank initiated coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 target price for the company. Bank of America reduced their price target 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. Finally, Royal Bank of Canada restated an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences currently has a consensus rating of "Buy" and an average target price of $66.69.

Avidity Biosciences Stock Down 0.3 %

Shares of RNA traded down $0.09 during midday trading on Friday, reaching $30.84. The company had a trading volume of 917,463 shares, compared to its average volume of 1,410,664. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $56.00. The firm has a 50 day simple moving average of $29.28 and a 200-day simple moving average of $34.66. The stock has a market cap of $3.71 billion, a PE ratio of -10.71 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 the consensus estimate of ($0.76) by ($0.04). The firm 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%. As a group, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the completion of the sale, the insider now directly owns 72,850 shares of the company's stock, valued at approximately $2,262,721. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the sale, the insider now owns 50,554 shares in the company, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,803 shares of company stock valued at $1,876,027 in the last quarter. Insiders own 3.68% of the company's stock.

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.