69,570 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Bought by Nicholas Investment Partners LP

Nicholas Investment Partners LP bought a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 69,570 shares of the biotechnology company's stock, valued at approximately $2,023,000. Nicholas Investment Partners LP owned approximately 0.06% of Avidity Biosciences at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Avidity Biosciences by 3.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock valued at $321,127,000 after acquiring an additional 408,861 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Avidity Biosciences by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after buying an additional 205,027 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Avidity Biosciences by 15.3% in the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock worth $235,725,000 after buying an additional 1,075,148 shares in the last quarter. Avoro Capital Advisors LLC lifted its holdings in Avidity Biosciences by 9.1% in the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock worth $218,100,000 after buying an additional 625,000 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Avidity Biosciences by 44.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock worth $205,134,000 after buying an additional 2,156,844 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Royal Bank of Canada reissued an "outperform" rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Scotiabank started coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 target price for the company. Barclays lowered their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Citigroup started coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They set a "buy" rating and a $70.00 price objective for the company. Finally, Bank of America lowered their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $66.38.

Insiders Place Their Bets

In related news, CEO Sarah Boyce sold 31,540 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $979,632.40. Following the completion of the sale, the chief executive officer now directly owns 305,871 shares of the company's stock, valued at $9,500,353.26. The trade was a 9.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total transaction of $163,501.25. Following the completion of the sale, the insider now directly owns 50,554 shares of the company's stock, valued at $1,406,917.82. The trade was a 10.41% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,803 shares of company stock valued at $1,877,437. Insiders own 3.83% of the company's stock.

Avidity Biosciences Stock Down 2.0%

NASDAQ RNA traded down $0.62 during midday trading on Monday, hitting $29.73. The company had a trading volume of 475,384 shares, compared to its average volume of 1,434,269. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of -10.31 and a beta of 1.00. The firm has a fifty day simple moving average of $29.22 and a two-hundred day simple moving average of $32.80. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The business had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, equities analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

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.