Vanguard Group Inc. Purchases 47,305 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Vanguard Group Inc. grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 1.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 4,014,490 shares of the biotechnology company's stock after acquiring an additional 47,305 shares during the period. Vanguard Group Inc. owned 5.42% of Avidity Biosciences worth $25,612,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Quantbot Technologies LP raised its position in Avidity Biosciences by 600.0% during the 2nd quarter. Quantbot Technologies LP now owns 2,100 shares of the biotechnology company's stock worth $30,000 after purchasing an additional 1,800 shares during the last quarter. Natixis bought a new position in Avidity Biosciences during the 4th quarter worth $121,000. Ancora Advisors LLC raised its position in Avidity Biosciences by 100.0% during the 1st quarter. Ancora Advisors LLC now owns 6,000 shares of the biotechnology company's stock worth $92,000 after purchasing an additional 3,000 shares during the last quarter. Royal Bank of Canada raised its position in Avidity Biosciences by 74.6% during the 2nd quarter. Royal Bank of Canada now owns 7,674 shares of the biotechnology company's stock worth $85,000 after purchasing an additional 3,280 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC bought a new position in Avidity Biosciences during the 4th quarter worth $237,000.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RNA. Needham & Company LLC reaffirmed a "buy" rating and set a $35.00 target price on shares of Avidity Biosciences in a research report on Thursday. Chardan Capital reissued a "buy" rating and issued a $23.00 price objective on shares of Avidity Biosciences in a research report on Thursday, February 29th. Cantor Fitzgerald initiated coverage on Avidity Biosciences in a research report on Thursday, March 14th. They issued an "overweight" rating and a $60.00 price objective for the company. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $50.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, January 3rd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $36.33.

Avidity Biosciences Price Performance

Shares of RNA traded down $1.26 during trading hours on Friday, hitting $24.09. The stock had a trading volume of 799,049 shares, compared to its average volume of 1,141,041. The firm has a 50 day simple moving average of $19.97 and a 200-day simple moving average of $12.07. The firm has a market capitalization of $1.92 billion, a P/E ratio of -8.31 and a beta of 0.78. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $27.66.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.54) by ($0.25). The firm had revenue of $2.19 million during the quarter, compared to analyst estimates of $32.08 million. Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. Equities analysts predict that Avidity Biosciences, Inc. will post -3.07 EPS for the current fiscal year.

Insider Activity

In other news, CEO Sarah Boyce sold 5,092 shares of the firm's stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $10.13, for a total value of $51,581.96. Following the completion of the sale, the chief executive officer now directly owns 44,008 shares in the company, valued at approximately $445,801.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Avidity Biosciences news, CEO Sarah Boyce sold 5,092 shares of Avidity Biosciences stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $10.13, for a total transaction of $51,581.96. Following the completion of the transaction, the chief executive officer now owns 44,008 shares in the company, valued at approximately $445,801.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider W. Michael Flanagan sold 4,129 shares of Avidity Biosciences stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $10.13, for a total value of $41,826.77. Following the transaction, the insider now owns 35,871 shares of the company's stock, valued at approximately $363,373.23. The disclosure for this sale can be found here. Insiders sold a total of 212,337 shares of company stock worth $4,690,942 in the last three months. Company insiders own 2.00% of the company's stock.

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.