Boxer Capital Management LLC Buys New Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Boxer Capital Management LLC bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,727,388 shares of the biotechnology company's stock, valued at approximately $50,232,000. Avidity Biosciences accounts for about 4.2% of Boxer Capital Management LLC's investment portfolio, making the stock its 5th largest position. Boxer Capital Management LLC owned approximately 1.45% of Avidity Biosciences at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in RNA. Barclays PLC boosted its position in shares of 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 acquired a new stake in Avidity Biosciences in the third quarter valued at approximately $407,000. Franklin Resources Inc. raised its position in shares of Avidity Biosciences by 229.9% during the third quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company's stock worth $3,412,000 after purchasing an additional 50,908 shares during the period. Lord Abbett & CO. LLC lifted its holdings in shares of Avidity Biosciences by 30.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock worth $24,766,000 after purchasing an additional 124,867 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in Avidity Biosciences during the 4th quarter valued at $1,179,000.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Scotiabank began coverage on Avidity Biosciences in a research note on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price target for the company. Chardan Capital reissued a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday. Bank of America dropped their target price on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Finally, BMO Capital Markets assumed coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price objective on the stock. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $66.69.

Avidity Biosciences Trading Up 0.1 %

Shares of NASDAQ RNA traded up $0.03 during mid-day trading on Wednesday, hitting $26.29. The company had a trading volume of 659,763 shares, compared to its average volume of 1,423,914. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $56.00. The stock's 50-day moving average price is $29.39 and its 200-day moving average price is $33.80. The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of -9.17 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. As a group, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Buying and Selling

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the transaction, the insider now owns 50,554 shares of the company's stock, valued at $1,406,917.82. The trade was a 10.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven George Hughes sold 9,578 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the transaction, the insider now directly owns 72,850 shares in the company, valued at $2,262,721. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,803 shares of company stock worth $1,877,437. Corporate 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.