Renaissance Technologies LLC Grows Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Renaissance Technologies LLC increased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 48.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 211,200 shares of the biotechnology company's stock after acquiring an additional 69,300 shares during the period. Renaissance Technologies LLC owned approximately 0.18% of Avidity Biosciences worth $6,142,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Y Intercept Hong Kong Ltd bought a new stake in shares of Avidity Biosciences in the 4th quarter worth approximately $386,000. Lord Abbett & CO. LLC raised its stake in Avidity Biosciences by 30.1% during the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock valued at $24,766,000 after buying an additional 124,867 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after acquiring an additional 205,027 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Avidity Biosciences by 19.5% in the fourth quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company's stock worth $10,557,000 after acquiring an additional 59,295 shares during the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Avidity Biosciences by 229.9% during the third quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company's stock valued at $3,412,000 after acquiring an additional 50,908 shares in the last quarter.

Wall Street Analyst Weigh In

RNA has been the topic of a number of analyst reports. Bank of America dropped their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Needham & Company LLC reiterated a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th. Citigroup assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a "buy" rating and a $70.00 price objective for the company. Royal Bank of Canada reiterated an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Finally, Barclays decreased their price target on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $66.69.

Avidity Biosciences Trading Down 1.6 %

RNA stock traded down $0.49 during trading on Thursday, reaching $30.19. The stock had a trading volume of 185,133 shares, compared to its average volume of 1,480,400. The stock's 50 day moving average is $29.33 and its two-hundred day moving average is $34.85. The firm has a market cap of $3.63 billion, a PE ratio of -10.48 and a beta of 1.01. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00.

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

Insider Activity

In other news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at $1,625,816.64. The trade was a 10.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven George Hughes sold 9,578 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the sale, the insider now directly owns 72,850 shares of the company's stock, valued at $2,262,721. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,803 shares of company stock valued at $1,876,027 in the last 90 days. Company insiders own 3.68% of the company's stock.

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.