ProShare Advisors LLC Boosts Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

ProShare Advisors LLC lifted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 35.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 36,909 shares of the biotechnology company's stock after purchasing an additional 9,573 shares during the period. ProShare Advisors LLC's holdings in Avidity Biosciences were worth $1,073,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. TD Waterhouse Canada Inc. raised its position in Avidity Biosciences by 646.3% in 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 purchased a new stake in shares of Avidity Biosciences during the 4th quarter valued at about $38,000. Headlands Technologies LLC bought a new stake in shares of Avidity Biosciences in the fourth quarter worth approximately $60,000. KBC Group NV grew its stake in shares of Avidity Biosciences by 99.0% in the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after acquiring an additional 2,226 shares during the period. Finally, US Bancorp DE lifted its position in Avidity Biosciences by 25.2% during the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock valued at $191,000 after purchasing an additional 1,324 shares during the period.

Avidity Biosciences Stock Performance

Shares of RNA traded up $0.37 during trading hours on Wednesday, hitting $30.72. The stock had a trading volume of 125,373 shares, compared to its average volume of 1,431,886. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of -10.69 and a beta of 1.00. The firm has a 50-day moving average price of $29.06 and a 200 day moving average price of $32.17. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The firm had revenue of $1.60 million for the quarter, compared to analysts' expectations of $2.63 million. As a group, analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the transaction, the insider now directly owns 50,554 shares in the company, valued at approximately $1,406,917.82. This trade represents a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 completion of the transaction, the insider now owns 72,850 shares in the company, valued at $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 quarter, insiders sold 60,803 shares of company stock valued at $1,877,437. 3.83% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have weighed in on RNA. Scotiabank assumed coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price target on the stock. Bank of America decreased their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Chardan Capital reiterated a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, May 7th. Citigroup began coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They set a "buy" rating and a $70.00 price objective on the stock. Finally, Needham & Company LLC restated a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target 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.