Squarepoint Ops LLC Has $5.03 Million Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Squarepoint Ops LLC raised its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 6.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 172,875 shares of the biotechnology company's stock after purchasing an additional 11,006 shares during the period. Squarepoint Ops LLC owned approximately 0.14% of Avidity Biosciences worth $5,027,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Avidity Biosciences by 3.8% in the fourth 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 buying an additional 408,861 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Avidity Biosciences by 2.2% in the fourth 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 period. Wellington Management Group LLP boosted its holdings 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 buying an additional 1,075,148 shares during the period. Avoro Capital Advisors LLC boosted its holdings 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 buying an additional 625,000 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings 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 buying an additional 2,156,844 shares during the period.

Analyst Ratings Changes

Several research analysts have recently weighed in on RNA shares. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th. Bank of America reduced their target price 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. Chardan Capital restated a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, May 7th. Citigroup started coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a "buy" rating and a $70.00 target price for the company. Finally, HC Wainwright reduced their target price on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a report on Monday, May 12th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences has a consensus rating of "Buy" and a consensus price target of $66.38.

Avidity Biosciences Stock Down 1.2%

Shares of RNA traded down $0.37 during trading hours on Friday, hitting $31.34. The company had a trading volume of 560,913 shares, compared to its average volume of 1,431,176. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of -10.90 and a beta of 1.00. The business has a fifty day moving average of $29.03 and a 200-day moving average of $32.06. 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) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The company had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, equities analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Activity

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at $1,406,917.82. This trade represents a 10.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 31,540 shares of the firm's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $979,632.40. Following the completion of the transaction, the chief executive officer now directly owns 305,871 shares in the company, valued at approximately $9,500,353.26. This represents a 9.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock valued at $1,877,437 over the last ninety days. 3.83% of the stock is currently owned by company insiders.

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.