Raymond James & Associates Acquires 36,666 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Raymond James & Associates increased its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 39.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,921 shares of the biotechnology company's stock after purchasing an additional 36,666 shares during the quarter. Raymond James & Associates owned approximately 0.18% of Avidity Biosciences worth $1,176,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of RNA. Quantbot Technologies LP boosted 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 acquiring an additional 1,800 shares during the period. Natixis acquired a new stake in Avidity Biosciences during the 4th quarter worth about $121,000. Ancora Advisors LLC boosted 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 acquiring an additional 3,000 shares during the period. Royal Bank of Canada boosted 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 acquiring an additional 3,280 shares during the period. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Avidity Biosciences during the 4th quarter worth about $237,000.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock traded down $0.31 during trading on Friday, hitting $22.73. 1,008,841 shares of the stock traded hands, compared to its average volume of 984,558. The stock has a market cap of $1.81 billion, a P/E ratio of -7.84 and a beta of 0.78. Avidity Biosciences, Inc. has a twelve month low of $4.82 and a twelve month high of $27.66. The company has a fifty day moving average price of $21.08 and a two-hundred day moving average price of $12.72.

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

Wall Street Analyst Weigh In

A number of brokerages have commented on RNA. Needham & Company LLC restated a "buy" rating and set a $35.00 price objective on shares of Avidity Biosciences in a research report on Thursday, April 11th. Chardan Capital restated a "buy" rating and set a $23.00 price objective on shares of Avidity Biosciences in a research report on Thursday, February 29th. Wells Fargo & Company reiterated an "overweight" rating and set a $50.00 price target on shares of Avidity Biosciences in a report on Wednesday, January 3rd. Finally, Cantor Fitzgerald began coverage on Avidity Biosciences in a report on Thursday, March 14th. They set an "overweight" rating and a $60.00 price target for the company. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $36.33.

Insider Buying and Selling

In related news, Director Arthur A. Levin sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $27.11, for a total value of $542,200.00. Following the completion of the sale, the director now directly owns 253,872 shares in the company, valued at approximately $6,882,469.92. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Avidity Biosciences news, CEO Sarah Boyce sold 5,092 shares of Avidity Biosciences stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $10.13, for a total value of $51,581.96. Following the transaction, the chief executive officer now directly owns 44,008 shares of the company's stock, valued at approximately $445,801.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Arthur A. Levin sold 20,000 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $27.11, for a total value of $542,200.00. Following the completion of the transaction, the director now directly owns 253,872 shares in the company, valued at $6,882,469.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 212,337 shares of company stock worth $4,690,942. 2.00% of the stock is currently owned by insiders.

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.