Silverarc Capital Management LLC Acquires 68,096 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Silverarc Capital Management LLC lifted its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 14.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 543,651 shares of the biotechnology company's stock after acquiring an additional 68,096 shares during the quarter. Avidity Biosciences accounts for approximately 3.5% of Silverarc Capital Management LLC's portfolio, making the stock its 10th largest holding. Silverarc Capital Management LLC owned about 0.46% of Avidity Biosciences worth $15,809,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. boosted its holdings in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after buying an additional 866 shares in the last quarter. Van ECK Associates Corp purchased a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $38,000. Headlands Technologies LLC acquired a new stake in shares of Avidity Biosciences in the 4th quarter worth approximately $60,000. KBC Group NV increased its stake in Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock valued at $130,000 after purchasing an additional 2,226 shares in the last quarter. Finally, US Bancorp DE raised its holdings in Avidity Biosciences by 25.2% during the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after purchasing an additional 1,324 shares during the last quarter.

Avidity Biosciences Price Performance

RNA stock traded down $0.09 during midday trading on Friday, reaching $30.84. 917,463 shares of the company's stock traded hands, compared to its average volume of 1,412,174. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The business has a 50-day moving average price of $29.28 and a two-hundred day moving average price of $34.58. The company has a market capitalization of $3.71 billion, a P/E ratio of -10.71 and a beta of 1.01.

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

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares in the company, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares in the company, valued at $9,500,353.26. This represents a 9.35 % decrease in their ownership of the stock. 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 90 days. 3.68% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RNA has been the topic of several recent research reports. Needham & Company LLC reissued a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Citigroup assumed coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price objective for the company. HC Wainwright restated a "buy" rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. BMO Capital Markets assumed coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target for the company. Finally, Barclays reduced their price objective on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences has a consensus rating of "Buy" and an average price target of $66.69.

Avidity Biosciences 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.