BNP Paribas Financial Markets Acquires New Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

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

A number of other hedge funds also recently made changes to their positions in RNA. Price T Rowe Associates Inc. MD increased its holdings in shares of Avidity Biosciences by 3.8% during 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 buying an additional 408,861 shares in the last quarter. Vanguard Group Inc. raised its holdings in Avidity Biosciences by 2.2% in 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 during the last quarter. Wellington Management Group LLP grew its holdings in 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 worth $235,725,000 after acquiring an additional 1,075,148 shares during the last quarter. Avoro Capital Advisors LLC raised its stake in shares of Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock valued at $218,100,000 after acquiring an additional 625,000 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings 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 during the period.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, April 9th. BMO Capital Markets began coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target for the company. Citigroup began coverage on Avidity Biosciences in a report on Thursday, March 13th. They issued a "buy" rating and a $70.00 target price for the company. HC Wainwright reduced their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, Bank of America reduced their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a report on Monday, March 10th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $66.38.

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 that occurred on Thursday, May 1st. The shares were sold at an average price of $32.40, for a total value of $190,350.00. Following the completion of the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,637,949.60. This trade represents a 10.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the sale, the chief executive officer now directly owns 305,871 shares in the company, valued at $9,500,353.26. This trade represents a 9.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,803 shares of company stock worth $1,877,437 in the last quarter. 3.83% of the stock is currently owned by company insiders.

Avidity Biosciences Stock Down 0.4%

NASDAQ:RNA traded down $0.13 during trading hours on Thursday, hitting $30.77. 95,441 shares of the company traded hands, compared to its average volume of 1,428,457. The company has a market cap of $3.71 billion, a PE ratio of -10.66 and a beta of 1.00. The firm's 50-day simple moving average is $29.06 and its 200-day simple moving average is $32.16. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

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.