Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Bought by Ameriprise Financial Inc.

Ameriprise Financial Inc. grew its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 106.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,444 shares of the biotechnology company's stock after buying an additional 14,129 shares during the quarter. Ameriprise Financial Inc.'s holdings in Avidity Biosciences were worth $798,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its position in shares of Avidity Biosciences by 3.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock valued at $321,127,000 after buying an additional 408,861 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock valued at $274,280,000 after buying an additional 205,027 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Avidity Biosciences by 15.3% during 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 buying an additional 1,075,148 shares in the last quarter. Avoro Capital Advisors LLC raised its position in shares of Avidity Biosciences by 9.1% during the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock valued at $218,100,000 after buying an additional 625,000 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Avidity Biosciences by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 2,807,455 shares of the biotechnology company's stock valued at $82,832,000 after buying an additional 222,152 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. HC Wainwright reduced 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, May 12th. Citigroup assumed coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They issued a "buy" rating and a $70.00 price objective on the stock. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective on the stock. 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 report on Friday, February 28th. Finally, Bank of America reduced their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and a consensus price target of $66.38.

Insider Activity

In other news, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $979,632.40. Following the transaction, the chief executive officer now directly owns 305,871 shares in the company, valued at approximately $9,500,353.26. This trade represents a 9.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven George Hughes sold 9,578 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $297,492.68. Following the transaction, the insider now owns 72,850 shares in the company, valued at approximately $2,262,721. This represents a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,678 shares of company stock worth $2,068,257. Corporate insiders own 3.83% of the company's stock.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded down $0.19 during trading on Wednesday, reaching $34.22. 1,351,979 shares of the company were exchanged, compared to its average volume of 1,440,387. The firm has a market capitalization of $4.12 billion, a PE ratio of -11.88 and a beta of 1.00. The business's fifty day simple moving average is $29.07 and its 200-day simple moving average is $31.63. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results 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 company had revenue of $1.60 million for the quarter, compared to analysts' expectations of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal 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.