Avidity Biosciences, Inc. (NASDAQ:RNA) Position Trimmed by Marshall Wace LLP

Marshall Wace LLP lessened its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 10.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 162,863 shares of the biotechnology company's stock after selling 19,342 shares during the period. Marshall Wace LLP owned approximately 0.14% of Avidity Biosciences worth $4,736,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP lifted its position in shares of Avidity Biosciences by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock valued at $235,725,000 after acquiring an additional 1,075,148 shares during the period. Norges Bank purchased a new position in Avidity Biosciences in the 4th quarter valued at approximately $21,077,000. Finepoint Capital LP acquired a new position in Avidity Biosciences during the fourth quarter worth $11,379,000. Geode Capital Management LLC raised its holdings in Avidity Biosciences by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 2,807,455 shares of the biotechnology company's stock worth $82,832,000 after purchasing an additional 222,152 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Avidity Biosciences by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after purchasing an additional 205,027 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. BMO Capital Markets started coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target for the company. Citigroup started coverage on Avidity Biosciences in a research report on Thursday, March 13th. They issued a "buy" rating and a $70.00 price objective on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Scotiabank started coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 target price for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and a consensus target price of $66.69.

Avidity Biosciences Stock Performance

Avidity Biosciences stock traded up $0.49 during trading on Wednesday, reaching $32.65. 870,325 shares of the company's stock were exchanged, compared to its average volume of 1,409,428. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of -11.34 and a beta of 1.01. The company's 50-day moving average is $29.29 and its two-hundred day moving average is $34.38.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). The company had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Buying and Selling

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares of the company's stock, valued at approximately $1,625,816.64. The trade was a 10.41 % 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 Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the completion of the transaction, the insider now owns 72,850 shares of the company's stock, valued at $2,262,721. This trade represents a 11.62 % 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 $1,876,027 in the last quarter. Company insiders own 3.68% of the company's stock.

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.