Brevan Howard Capital Management LP Acquires 26,984 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Brevan Howard Capital Management LP raised its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 471.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 32,712 shares of the biotechnology company's stock after buying an additional 26,984 shares during the period. Brevan Howard Capital Management LP's holdings in Avidity Biosciences were worth $951,000 as of its most recent filing with the SEC.

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

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction that occurred on 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 owns 305,871 shares of the company's stock, valued at approximately $9,500,353.26. The trade was a 9.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven George Hughes sold 9,578 shares of the company's 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 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 60,803 shares of company stock worth $1,877,437. Insiders own 3.68% of the company's stock.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA traded down $0.57 during midday trading on Tuesday, reaching $28.76. 190,112 shares of the company traded hands, compared to its average volume of 1,432,501. The firm has a market cap of $3.47 billion, a PE ratio of -9.99 and a beta of 1.00. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The stock's 50-day simple moving average is $29.27 and its 200-day simple moving average is $33.21.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 net margin of 2,772.45% and a negative return on equity of 27.66%. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on RNA shares. HC Wainwright lowered their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday. Bank of America dropped their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Chardan Capital reissued a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, May 7th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Finally, Barclays reduced their price target on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $66.38.

Avidity Biosciences Company 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.