Voloridge Investment Management LLC Acquires 134,489 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Voloridge Investment Management LLC grew its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 235.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 191,550 shares of the biotechnology company's stock after buying an additional 134,489 shares during the quarter. Voloridge Investment Management LLC owned about 0.16% of Avidity Biosciences worth $5,570,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RNA. Barclays PLC lifted its holdings in Avidity Biosciences by 68.5% in the 3rd quarter. Barclays PLC now owns 255,699 shares of the biotechnology company's stock valued at $11,743,000 after acquiring an additional 103,905 shares during the last quarter. KBC Group NV raised its holdings in shares of Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after purchasing an additional 2,226 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Avidity Biosciences by 12.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 25,298 shares of the biotechnology company's stock worth $736,000 after purchasing an additional 2,772 shares in the last quarter. abrdn plc increased its position in shares of Avidity Biosciences by 80.8% in the fourth quarter. abrdn plc now owns 44,912 shares of the biotechnology company's stock worth $1,306,000 after acquiring an additional 20,076 shares in the last quarter. Finally, Legato Capital Management LLC purchased a new position in shares of Avidity Biosciences in the fourth quarter worth approximately $301,000.

Insider Buying and Selling at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the 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 sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sarah Boyce sold 31,540 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 $979,632.40. Following the completion of the sale, the chief executive officer now owns 305,871 shares in the company, valued at $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. In the last three months, insiders have sold 60,803 shares of company stock worth $1,877,437. Company insiders own 3.83% of the company's stock.

Avidity Biosciences Stock Performance

RNA traded down $0.37 during midday trading on Friday, hitting $31.34. The company had a trading volume of 901,165 shares, compared to its average volume of 1,432,572. The company has a market capitalization of $3.78 billion, a PE ratio of -10.86 and a beta of 1.00. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The firm's 50-day simple moving average is $29.03 and its 200-day simple moving average is $32.06.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted 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). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. As a group, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Chardan Capital reissued a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, May 7th. HC Wainwright reduced their price target on shares of 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 began coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target on the stock. Bank of America dropped their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. Finally, Scotiabank initiated coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $66.38.

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.