Rhumbline Advisers Increases Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Rhumbline Advisers increased its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 7.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 164,776 shares of the biotechnology company's stock after purchasing an additional 10,973 shares during the period. Rhumbline Advisers owned 0.14% of Avidity Biosciences worth $4,864,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in RNA. Janus Henderson Group PLC grew its position in shares of Avidity Biosciences by 44.1% in the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock valued at $205,134,000 after purchasing an additional 2,156,844 shares during the period. Boxer Capital Management LLC purchased a new stake in shares of Avidity Biosciences in the fourth quarter valued at $50,232,000. Wellington Management Group LLP grew its position in shares of 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 valued at $235,725,000 after purchasing an additional 1,075,148 shares during the period. Norges Bank purchased a new stake in shares of Avidity Biosciences in the fourth quarter valued at $21,077,000. Finally, Avoro Capital Advisors LLC grew its position in shares of Avidity Biosciences by 9.1% in 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 purchasing an additional 625,000 shares during the period.

Avidity Biosciences Price Performance

Shares of RNA opened at $31.37 on Friday. The stock's 50-day moving average is $29.99 and its two-hundred day moving average is $31.17. The stock has a market cap of $3.78 billion, a PE ratio of -10.89 and a beta of 0.95. 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 issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider W. Michael Flanagan sold 20,000 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $2,636,811.60. The trade was a 19.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sarah Boyce sold 31,540 shares of the business's 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 completion of the transaction, the chief executive officer now owns 305,871 shares in the company, valued at approximately $9,500,353.26. This trade represents a 9.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,678 shares of company stock worth $2,725,857 over the last quarter. 3.83% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. HC Wainwright lowered their price objective 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. Chardan Capital lifted their price objective on Avidity Biosciences from $65.00 to $75.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Needham & Company LLC reissued a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Bank of America boosted their price target on Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, JPMorgan Chase & Co. boosted their price target on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $67.33.

About Avidity Biosciences

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.

Want to see what other hedge funds are holding RNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.