Boxer Capital Management LLC Buys Shares of 1,727,388 Avidity Biosciences, Inc. (NASDAQ:RNA)

Boxer Capital Management LLC purchased a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,727,388 shares of the biotechnology company's stock, valued at approximately $50,232,000. Avidity Biosciences makes up approximately 4.2% of Boxer Capital Management LLC's holdings, making the stock its 5th largest holding. Boxer Capital Management LLC owned about 1.45% of Avidity Biosciences as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in Avidity Biosciences by 3.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock worth $321,127,000 after purchasing an additional 408,861 shares in the last quarter. 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 during the last quarter. Wellington Management Group LLP increased 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 valued at $235,725,000 after acquiring an additional 1,075,148 shares in the last quarter. Avoro Capital Advisors LLC raised its stake 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 last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Avidity Biosciences by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 2,807,455 shares of the biotechnology company's stock worth $82,832,000 after purchasing an additional 222,152 shares in the last quarter.

Insiders Place Their Bets

In other news, insider Steven George Hughes sold 9,578 shares of the firm's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the sale, the insider now owns 72,850 shares in the company, valued at approximately $2,262,721. This trade represents a 11.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Michael F. Maclean sold 7,935 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $246,461.10. Following the completion of the transaction, the chief financial officer now directly owns 96,720 shares in the company, valued at approximately $3,004,123.20. This represents a 7.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,803 shares of company stock valued at $1,877,437. 3.68% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Citigroup began coverage on Avidity Biosciences in a research note on Thursday, March 13th. They issued a "buy" rating and a $70.00 target price for the company. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price on the stock. Scotiabank initiated coverage on shares of 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. Barclays reduced their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has a consensus rating of "Buy" and an average price target of $66.69.

Avidity Biosciences Price Performance

Shares of RNA traded down $6.02 during mid-day trading on Tuesday, hitting $26.26. 4,203,129 shares of the company's stock were exchanged, compared to its average volume of 1,423,499. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The company has a market cap of $3.16 billion, a PE ratio of -9.12 and a beta of 1.01. The company has a 50-day simple moving average of $29.45 and a 200 day simple moving average of $33.85.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

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.