GAMMA Investing LLC Has $1.96 Million Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

GAMMA Investing LLC grew its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 3,267.5% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 66,272 shares of the biotechnology company's stock after buying an additional 64,304 shares during the period. GAMMA Investing LLC owned approximately 0.06% of Avidity Biosciences worth $1,956,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in RNA. Janus Henderson Group PLC increased its holdings in Avidity Biosciences by 44.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock valued at $205,134,000 after buying an additional 2,156,844 shares during the period. Boxer Capital Management LLC acquired a new stake in shares of Avidity Biosciences during the 4th quarter valued at about $50,232,000. Wellington Management Group LLP raised its position in Avidity Biosciences by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock worth $235,725,000 after purchasing an additional 1,075,148 shares in the last quarter. Norges Bank acquired a new position in Avidity Biosciences in the fourth quarter worth about $21,077,000. Finally, Avoro Capital Advisors LLC lifted its stake in 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 worth $218,100,000 after purchasing an additional 625,000 shares during the period.

Avidity Biosciences Stock Down 1.5%

NASDAQ:RNA traded down $0.44 during trading hours on Tuesday, hitting $29.36. 1,668,114 shares of the stock were exchanged, compared to its average volume of 1,411,235. The company has a market capitalization of $3.54 billion, a P/E ratio of -9.79 and a beta of 0.95. The company's 50 day moving average is $30.19 and its two-hundred day moving average is $30.90. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Analyst Upgrades and Downgrades

RNA has been the topic of several analyst reports. Bank of America upped their price objective on Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Needham & Company LLC reiterated a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Scotiabank started coverage on Avidity Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price objective for the company. HC Wainwright lowered their target price on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, Raymond James Financial began coverage on shares of Avidity Biosciences in a research report on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 target price for the company. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $66.56.

Insider Buying and Selling at Avidity Biosciences

In other news, insider W. Michael Flanagan sold 20,000 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the transaction, the insider now owns 80,195 shares of the company's stock, valued at $2,636,811.60. This represents a 19.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $32.48, for a total value of $190,820.00. Following the sale, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,641,993.92. This trade represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,678 shares of company stock worth $2,725,857. Company insiders own 3.83% of the company's stock.

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.