Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Acquired by MPM Bioimpact LLC

MPM Bioimpact LLC raised its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 2.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 702,981 shares of the biotechnology company's stock after acquiring an additional 14,006 shares during the period. Avidity Biosciences comprises about 2.9% of MPM Bioimpact LLC's investment portfolio, making the stock its 10th largest position. MPM Bioimpact LLC owned 0.59% of Avidity Biosciences worth $20,443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Y Intercept Hong Kong Ltd acquired a new position in shares of Avidity Biosciences during the fourth quarter valued at $386,000. Vanguard Group Inc. lifted its stake in shares of Avidity Biosciences by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock valued at $274,280,000 after acquiring an additional 205,027 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Avidity Biosciences by 19.5% during the fourth quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company's stock valued at $10,557,000 after acquiring an additional 59,295 shares during the period. Franklin Resources Inc. lifted its stake in shares of Avidity Biosciences by 229.9% during the third quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company's stock valued at $3,412,000 after acquiring an additional 50,908 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Avidity Biosciences during the fourth quarter valued at $1,179,000.

Analyst Ratings Changes

RNA has been the topic of several research reports. Citigroup began coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price target on the stock. Chardan Capital reissued a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, May 7th. Bank of America dropped their price target on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Finally, Barclays reduced their price target on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $66.38.

Avidity Biosciences Price Performance

RNA stock traded up $1.38 during mid-day trading on Friday, reaching $30.35. The company had a trading volume of 1,342,137 shares, compared to its average volume of 1,435,695. The stock has a 50 day simple moving average of $29.22 and a two-hundred day simple moving average of $32.94. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of -10.54 and a beta of 1.00. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $2.63 million. On average, equities analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Transactions at Avidity Biosciences

In related news, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences 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 completion of the sale, the insider now directly owns 72,850 shares of the company's stock, valued at approximately $2,262,721. This trade represents a 11.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences 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 sale, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,406,917.82. The trade was a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 60,803 shares of company stock worth $1,877,437. 3.83% of the stock is owned by company 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.