Mirae Asset Global Investments Co. Ltd. Has $1.50 Million Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 301.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 166,019 shares of the biotechnology company's stock after purchasing an additional 124,633 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.22% of Avidity Biosciences worth $1,502,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Aigen Investment Management LP purchased a new position in shares of Avidity Biosciences during the 3rd quarter valued at approximately $71,000. China Universal Asset Management Co. Ltd. lifted its stake in Avidity Biosciences by 352.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company's stock worth $78,000 after purchasing an additional 6,675 shares during the last quarter. Sherbrooke Park Advisers LLC bought a new position in Avidity Biosciences during the third quarter worth $107,000. Quantbot Technologies LP lifted its stake in Avidity Biosciences by 212.1% during the third quarter. Quantbot Technologies LP now owns 20,600 shares of the biotechnology company's stock worth $131,000 after purchasing an additional 14,000 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Avidity Biosciences by 19.7% during the third quarter. Principal Financial Group Inc. now owns 20,946 shares of the biotechnology company's stock worth $134,000 after purchasing an additional 3,443 shares during the last quarter.

Avidity Biosciences Stock Performance

RNA traded up $1.43 during trading on Monday, reaching $24.16. The company had a trading volume of 911,772 shares, compared to its average volume of 1,177,675. The firm's 50-day simple moving average is $21.08 and its 200 day simple moving average is $12.72. The company has a market cap of $1.93 billion, a price-to-earnings ratio of -8.42 and a beta of 0.77. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $27.66.

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RNA shares. Cantor Fitzgerald started coverage on Avidity Biosciences in a research note on Thursday, March 14th. They set an "overweight" rating and a $60.00 price objective on the stock. Chardan Capital restated a "buy" rating and set a $23.00 price objective on shares of Avidity Biosciences in a research note on Thursday, February 29th. Wells Fargo & Company restated an "overweight" rating and set a $50.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, January 3rd. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $35.00 target price on shares of Avidity Biosciences in a research note on Thursday, April 11th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and a consensus target price of $36.33.

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $22.82, for a total transaction of $114,100.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at approximately $338,420.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other 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 transaction of $542,200.00. Following the sale, the director now directly owns 253,872 shares in the company, valued at $6,882,469.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the business's stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $22.82, for a total value of $114,100.00. Following the sale, the director now owns 14,830 shares in the company, valued at $338,420.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 204,641 shares of company stock worth $4,676,431. 2.00% of the stock is currently 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.