21,608 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Acquired by BNP Paribas Financial Markets

BNP Paribas Financial Markets purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 21,608 shares of the biotechnology company's stock, valued at approximately $628,000.

Other institutional investors also recently bought and sold shares of the company. TD Waterhouse Canada Inc. lifted its position in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after buying an additional 866 shares during the last quarter. Van ECK Associates Corp acquired a new stake in Avidity Biosciences during the 4th quarter worth $38,000. Headlands Technologies LLC purchased a new stake in Avidity Biosciences in the fourth quarter valued at $60,000. KBC Group NV lifted its position in Avidity Biosciences by 99.0% in the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock valued at $130,000 after acquiring an additional 2,226 shares during the last quarter. Finally, US Bancorp DE boosted its stake in Avidity Biosciences by 25.2% in the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock valued at $191,000 after acquiring an additional 1,324 shares in the last quarter.

Avidity Biosciences Stock Performance

RNA traded down $0.23 during trading on Tuesday, hitting $30.35. The stock had a trading volume of 1,226,011 shares, compared to its average volume of 1,437,063. The firm has a market capitalization of $3.66 billion, a P/E ratio of -10.54 and a beta of 1.00. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The company's 50-day moving average price is $29.07 and its 200 day moving average price is $32.18.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.02). 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 $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. As a group, equities analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the transaction, the insider now owns 50,554 shares of the company's stock, valued at $1,406,917.82. This represents a 10.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sarah Boyce sold 31,540 shares of the business'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 $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares in the company, valued at $9,500,353.26. The trade was a 9.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,803 shares of company stock worth $1,877,437 over the last 90 days. Company insiders own 3.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RNA. Scotiabank started coverage on 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. Chardan Capital restated a "buy" rating and set a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, May 7th. BMO Capital Markets started coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective for the company. Bank of America decreased their price objective on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a report on Monday, March 10th. Finally, Citigroup assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a "buy" rating and a $70.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average 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.