ProShare Advisors LLC Raises Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

ProShare Advisors LLC grew its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 35.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,909 shares of the biotechnology company's stock after acquiring an additional 9,573 shares during the quarter. ProShare Advisors LLC's holdings in Avidity Biosciences were worth $1,073,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted 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 acquiring an additional 408,861 shares during the last quarter. Vanguard Group Inc. boosted 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 acquiring an additional 205,027 shares during the last quarter. Wellington Management Group LLP boosted 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 acquiring an additional 1,075,148 shares during the last quarter. Avoro Capital Advisors LLC lifted its position in Avidity Biosciences by 9.1% in the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock worth $218,100,000 after buying an additional 625,000 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position 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 worth $205,134,000 after buying an additional 2,156,844 shares during the last quarter.

Avidity Biosciences Price Performance

Avidity Biosciences stock traded down $0.18 during trading hours on Tuesday, reaching $30.41. The company had a trading volume of 534,852 shares, compared to its average volume of 1,434,420. The company has a 50-day moving average price of $29.07 and a 200 day moving average price of $32.18. The firm has a market cap of $3.66 billion, a price-to-earnings ratio of -10.55 and a beta of 1.00. 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 announced its quarterly 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 during 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%. As a group, research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Activity

In other news, CFO Michael F. Maclean sold 7,935 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the transaction, the chief financial officer now directly owns 96,720 shares of the company's stock, valued at approximately $3,004,123.20. The trade was a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business'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 transaction, the insider now directly owns 50,554 shares in the company, valued at $1,637,949.60. This trade represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,803 shares of company stock valued at $1,877,437. Company insiders own 3.83% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Barclays dropped their target price on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. HC Wainwright dropped their target price on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research report on Monday, May 12th. BMO Capital Markets assumed coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price for the company. Scotiabank assumed coverage on Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 target price for the company. Finally, Chardan Capital restated a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, May 7th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $66.38.

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.