Tower Research Capital LLC TRC Acquires 24,815 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Tower Research Capital LLC TRC boosted its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 2,044.1% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 26,029 shares of the biotechnology company's stock after buying an additional 24,815 shares during the period. Tower Research Capital LLC TRC's holdings in Avidity Biosciences were worth $757,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Van ECK Associates Corp acquired a new stake in Avidity Biosciences in the 4th quarter valued at approximately $38,000. Headlands Technologies LLC acquired a new position in Avidity Biosciences in the 4th quarter worth approximately $60,000. KBC Group NV raised its position in Avidity Biosciences by 99.0% during the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock valued at $130,000 after buying an additional 2,226 shares during the period. US Bancorp DE lifted its position in shares of Avidity Biosciences by 25.2% in 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 in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Avidity Biosciences during the 4th quarter valued at $210,000.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Citigroup assumed coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 target price for the company. Chardan Capital reiterated a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th. Royal Bank of Canada restated an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Finally, BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price for the company. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $66.69.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction dated Thursday, March 20th. The stock was 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 in the company, valued at $9,500,353.26. This represents a 9.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction dated 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 transaction, the insider now owns 50,554 shares in the company, 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 90 days, insiders sold 60,803 shares of company stock valued at $1,876,027. Corporate insiders own 3.68% of the company's stock.

Avidity Biosciences Trading Down 0.9 %

NASDAQ RNA traded down $0.30 during mid-day trading on Friday, hitting $32.39. The company's stock had a trading volume of 360,143 shares, compared to its average volume of 1,405,071. The company's 50 day simple moving average is $29.33 and its 200 day simple moving average is $34.28. The firm has a market capitalization of $3.89 billion, a price-to-earnings ratio of -11.24 and a beta of 1.01. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its earnings results 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 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 analysts' expectations of $1.74 million. As a group, research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS 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.