Raymond James Financial Inc. Buys Shares of 198,907 Avidity Biosciences, Inc. (NASDAQ:RNA)

Raymond James Financial Inc. acquired a new position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 198,907 shares of the biotechnology company's stock, valued at approximately $5,784,000. Raymond James Financial Inc. owned about 0.17% of Avidity Biosciences at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of RNA. Vanguard Group Inc. boosted its position 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 valued at $274,280,000 after buying an additional 205,027 shares during the period. Wellington Management Group LLP raised its stake in shares of Avidity Biosciences by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock worth $235,725,000 after acquiring an additional 1,075,148 shares in the last quarter. Geode Capital Management LLC raised its stake in Avidity Biosciences by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 2,807,455 shares of the biotechnology company's stock valued at $82,832,000 after buying an additional 222,152 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Avidity Biosciences by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,028,931 shares of the biotechnology company's stock worth $29,921,000 after acquiring an additional 38,749 shares during the period. Finally, Pictet Asset Management Holding SA raised its holdings in shares of Avidity Biosciences by 1.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 799,028 shares of the biotechnology company's stock worth $23,236,000 after purchasing an additional 12,548 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Scotiabank started coverage on Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. Needham & Company LLC reissued a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Bank of America lowered their target price on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a report on Monday, March 10th. Citigroup started coverage on Avidity Biosciences in a report on Thursday, March 13th. They set a "buy" rating and a $70.00 price target on the stock. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $66.69.

Avidity Biosciences Stock Up 1.5 %

NASDAQ:RNA traded up $0.49 during trading hours on Wednesday, reaching $32.65. 870,325 shares of the company's stock were exchanged, compared to its average volume of 1,409,428. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $56.00. The company has a 50-day moving average of $29.29 and a 200 day moving average of $34.38. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of -11.34 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million during the quarter, compared to analysts' expectations of $1.74 million. Research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Sarah Boyce sold 31,540 shares of the firm's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the sale, the chief executive officer now owns 305,871 shares in the company, valued at $9,500,353.26. This trade represents a 9.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the sale, the insider now directly owns 50,554 shares in the company, valued at approximately $1,406,917.82. This represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 60,803 shares of company stock valued at $1,876,027 over the last ninety days. Corporate insiders own 3.68% of the company's stock.

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.