Fmr LLC Reduces Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

FMR LLC lessened its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,509,606 shares of the biotechnology company's stock after selling 339,170 shares during the quarter. FMR LLC owned approximately 13.84% of Avidity Biosciences worth $480,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of RNA. State Street Corp lifted its stake in shares of Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock valued at $216,151,000 after buying an additional 1,386,087 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Avidity Biosciences by 15.3% during the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock worth $235,725,000 after purchasing an additional 1,075,148 shares in the last quarter. Norges Bank bought a new stake in Avidity Biosciences during the 4th quarter valued at approximately $21,077,000. Finepoint Capital LP bought a new stake in shares of Avidity Biosciences during the fourth quarter valued at approximately $11,379,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Avidity Biosciences by 14.6% in the third quarter. Geode Capital Management LLC now owns 2,585,303 shares of the biotechnology company's stock worth $118,767,000 after buying an additional 328,606 shares in the last quarter.

Avidity Biosciences Price Performance

RNA traded down $0.73 on Tuesday, reaching $26.18. 292,366 shares of the stock were exchanged, compared to its average volume of 1,390,264. The company's 50-day moving average price is $30.15 and its 200 day moving average price is $35.63. The firm has a market capitalization of $3.15 billion, a PE ratio of -9.09 and a beta of 1.01. 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 released its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). 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 $2.97 million for the quarter, compared to analysts' expectations of $1.74 million. As a group, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RNA. Chardan Capital restated a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Citigroup began coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They issued a "buy" rating and a $70.00 price target on the stock. Scotiabank began coverage on Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price target for the company. Needham & Company LLC restated a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Finally, Bank of America cut their price objective 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. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $66.69.

Insiders Place Their Bets

In related news, CFO Michael F. Maclean sold 3,287 shares of the company's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $93,975.33. Following the completion of the transaction, the chief financial officer now owns 104,655 shares in the company, valued at $2,992,086.45. This represents a 3.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were 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 owns 50,554 shares in the company, valued at approximately $1,406,917.82. This trade represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 79,318 shares of company stock worth $2,405,390. 3.68% of the stock is owned by corporate insiders.

Avidity Biosciences Company 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.