Driehaus Capital Management LLC Increases Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Driehaus Capital Management LLC boosted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 40.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,228,058 shares of the biotechnology company's stock after acquiring an additional 356,114 shares during the period. Driehaus Capital Management LLC owned 1.03% of Avidity Biosciences worth $35,712,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. TD Waterhouse Canada Inc. increased its position in shares of Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 866 shares in the last quarter. Van ECK Associates Corp acquired a new position in Avidity Biosciences during the 4th quarter valued at approximately $38,000. Headlands Technologies LLC bought a new position in shares of Avidity Biosciences during the fourth quarter worth about $60,000. KBC Group NV raised its holdings in shares of Avidity Biosciences by 99.0% during the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock valued at $130,000 after buying an additional 2,226 shares during the last quarter. Finally, US Bancorp DE grew its stake in shares of Avidity Biosciences by 25.2% in the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after purchasing an additional 1,324 shares in the last quarter.

Avidity Biosciences Stock Up 1.9%

Shares of NASDAQ RNA traded up $0.55 during midday trading on Tuesday, reaching $29.88. 1,171,712 shares of the company were exchanged, compared to its average volume of 1,436,332. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The stock has a market cap of $3.60 billion, a P/E ratio of -10.38 and a beta of 1.00. The stock's 50-day moving average price is $29.27 and its 200-day moving average price is $33.21.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). The firm 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 anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were 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 in the company, valued at approximately $1,406,917.82. This trade represents a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sarah Boyce sold 31,540 shares of the business's 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 completion of the sale, the chief executive officer now owns 305,871 shares in the company, valued at $9,500,353.26. This represents a 9.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,803 shares of company stock valued at $1,877,437. Company insiders own 3.68% of the company's stock.

Analyst Ratings Changes

RNA has been the subject of a number of research reports. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price for the company. Citigroup started coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price target for the company. HC Wainwright reduced their price target on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research report on Monday. Royal Bank of Canada reissued an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Finally, Scotiabank assumed 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 on the stock. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences presently has a consensus rating of "Buy" and a consensus target price of $66.38.

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.