Walleye Capital LLC Purchases Shares of 91,935 Avidity Biosciences, Inc. (NASDAQ:RNA)

Walleye Capital LLC bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 91,935 shares of the biotechnology company's stock, valued at approximately $2,673,000. Walleye Capital LLC owned about 0.08% of Avidity Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences in the third quarter valued at $27,000. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences in the 4th quarter worth $38,000. Headlands Technologies LLC bought a new stake in shares of Avidity Biosciences in the 4th quarter worth about $60,000. KBC Group NV raised its position in shares of Avidity Biosciences by 99.0% during the 4th 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 in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Avidity Biosciences by 25.2% in the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock valued at $191,000 after acquiring an additional 1,324 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Needham & Company LLC reissued a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Bank of America decreased their price target on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Barclays dropped 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 note on Friday, February 28th. Royal Bank of Canada reissued an "outperform" rating and issued a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Finally, Citigroup began coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price target for the company. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences has a consensus rating of "Buy" and a consensus target price of $66.69.

Avidity Biosciences Stock Performance

NASDAQ RNA traded up $1.78 on Wednesday, reaching $31.23. 375,139 shares of the stock traded hands, compared to its average volume of 1,404,161. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The company has a market cap of $3.75 billion, a price-to-earnings ratio of -10.84 and a beta of 1.01. The company has a fifty day moving average price of $29.36 and a 200-day moving average price of $34.88.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released 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). The business had revenue of $2.97 million during the quarter, compared to analysts' expectations of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the transaction, the chief executive officer now owns 305,871 shares of the company's stock, valued at $9,500,353.26. The trade was a 9.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven George Hughes sold 9,578 shares of the 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 $297,492.68. Following the sale, the insider now directly owns 72,850 shares of the company's stock, valued at $2,262,721. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,803 shares of company stock worth $1,876,027. Corporate insiders own 3.68% of the company's stock.

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.