First Trust Advisors LP Acquires 45,254 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

First Trust Advisors LP boosted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 110.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 86,395 shares of the biotechnology company's stock after purchasing an additional 45,254 shares during the period. First Trust Advisors LP owned approximately 0.07% of Avidity Biosciences worth $2,512,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Barclays PLC boosted its holdings in shares of Avidity Biosciences by 68.5% in the third quarter. Barclays PLC now owns 255,699 shares of the biotechnology company's stock worth $11,743,000 after buying an additional 103,905 shares during the last quarter. Tidal Investments LLC bought a new position in Avidity Biosciences in the third quarter worth approximately $407,000. Franklin Resources Inc. boosted its stake in shares of Avidity Biosciences by 229.9% during the 3rd quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company's stock worth $3,412,000 after acquiring an additional 50,908 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Avidity Biosciences during the 4th quarter valued at $1,179,000. Finally, Aaron Wealth Advisors LLC increased its stake in shares of Avidity Biosciences by 6.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company's stock worth $236,000 after purchasing an additional 504 shares in the last quarter.

Analyst Ratings Changes

Several equities analysts recently weighed in on RNA shares. Royal Bank of Canada reiterated an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Citigroup assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a "buy" rating and a $70.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and set a $72.00 price target on shares of Avidity Biosciences in a report on Monday, March 17th. Finally, BMO Capital Markets began coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective for the company. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of "Buy" and an average target price of $66.69.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock traded down $0.82 during trading on Friday, reaching $27.87. 1,154,170 shares of the stock traded hands, compared to its average volume of 1,437,245. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00. The business has a fifty day simple moving average of $29.28 and a two-hundred day simple moving average of $33.40. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of -9.68 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). The firm had revenue of $1.60 million during the quarter, compared to the consensus estimate 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 predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Steven George Hughes sold 9,578 shares of the company'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 $297,492.68. Following the sale, the insider now directly 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 sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $32.40, for a total value of $190,350.00. Following the completion of the transaction, the insider now owns 50,554 shares of the company's stock, valued at approximately $1,637,949.60. This trade represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,803 shares of company stock valued at $1,877,437 over the last 90 days. 3.68% of the stock is owned by corporate 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.