abrdn plc Takes Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

abrdn plc acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 129,414 shares of the biotechnology company's stock, valued at approximately $1,171,000. abrdn plc owned 0.17% of Avidity Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Nisa Investment Advisors LLC lifted its holdings in Avidity Biosciences by 15,900.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 3,180 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of Avidity Biosciences by 352.2% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company's stock valued at $78,000 after acquiring an additional 6,675 shares during the period. Daiwa Securities Group Inc. raised its stake in Avidity Biosciences by 43.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company's stock valued at $95,000 after purchasing an additional 3,182 shares during the last quarter. Aigen Investment Management LP bought a new position in shares of Avidity Biosciences during the 3rd quarter worth about $71,000. Finally, Sherbrooke Park Advisers LLC acquired a new position in shares of Avidity Biosciences in the third quarter valued at $107,000.

Avidity Biosciences Stock Performance

NASDAQ RNA traded down $0.57 during trading on Tuesday, hitting $24.13. 1,064,650 shares of the company's stock traded hands, compared to its average volume of 1,157,672. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -8.32 and a beta of 0.77. The business has a 50 day moving average of $22.56 and a 200-day moving average of $13.61. 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 released its quarterly earnings data on Wednesday, February 28th. The biotechnology company reported ($0.79) EPS for the quarter, missing analysts' consensus estimates of ($0.54) by ($0.25). The firm had revenue of $2.19 million during the quarter, compared to the consensus estimate of $32.08 million. Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. On average, analysts expect that Avidity Biosciences, Inc. will post -3.07 EPS for the current year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 84,000 shares of the business's stock in a transaction on Friday, March 8th. The shares were sold at an average price of $21.39, for a total value of $1,796,760.00. Following the completion of the sale, the chief executive officer now directly owns 112,117 shares of the company's stock, valued at $2,398,182.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Arthur A. Levin sold 27,641 shares of the company's stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $22.03, for a total transaction of $608,931.23. Following the sale, the director now owns 14,830 shares of the company's stock, valued at $326,704.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Sarah Boyce sold 84,000 shares of the firm's stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the completion of the sale, the chief executive officer now owns 112,117 shares of the company's stock, valued at approximately $2,398,182.63. The disclosure for this sale can be found here. Over the last quarter, insiders sold 204,641 shares of company stock valued at $4,676,431. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.