LPL Financial LLC Has $486,000 Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

LPL Financial LLC lifted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 273.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,726 shares of the biotechnology company's stock after acquiring an additional 12,253 shares during the quarter. LPL Financial LLC's holdings in Avidity Biosciences were worth $486,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of RNA. Stifel Financial Corp acquired a new position in Avidity Biosciences in the 3rd quarter valued at approximately $368,000. Barclays PLC grew its position in 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 acquiring an additional 103,905 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of Avidity Biosciences in the 3rd quarter valued at $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 in the last quarter. Finally, Lord Abbett & CO. LLC raised its position in shares of Avidity Biosciences by 30.1% in the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock valued at $24,766,000 after purchasing an additional 124,867 shares during the period.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The stock was 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 directly owns 50,554 shares in the company, valued at $1,406,917.82. This trade represents a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sarah Boyce sold 31,540 shares of the firm's stock in a transaction 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 transaction, the chief executive officer now directly owns 305,871 shares of the company's stock, 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. Insiders sold a total of 60,803 shares of company stock worth $1,876,027 in the last quarter. Corporate insiders own 3.68% of the company's stock.

Analyst Ratings Changes

RNA has been the topic of several research analyst reports. BMO Capital Markets initiated 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 on the stock. HC Wainwright restated a "buy" rating and set a $72.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Citigroup assumed coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They issued a "buy" rating and a $70.00 target price for the company. Bank of America lowered their price target on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Finally, Scotiabank assumed coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price target on the stock. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $66.69.

Avidity Biosciences Stock Performance

NASDAQ:RNA traded down $0.27 on Thursday, hitting $32.38. 94,880 shares of the stock were exchanged, compared to its average volume of 1,404,294. The company's 50-day moving average price is $29.29 and its 200 day moving average price is $34.38. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of -11.26 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate 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 business had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

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.