11,638 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Acquired by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the third quarter, HoldingsChannel reports. The firm bought 11,638 shares of the biotechnology company’s stock, valued at approximately $535,000.

A number of other large investors have also bought and sold shares of RNA. FMR LLC grew its stake in shares of Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after acquiring an additional 689,729 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Avidity Biosciences by 84.9% during the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after acquiring an additional 3,228,923 shares in the last quarter. Avoro Capital Advisors LLC grew its stake in shares of Avidity Biosciences by 11.7% during the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock worth $265,729,000 after acquiring an additional 680,000 shares in the last quarter. RA Capital Management L.P. grew its stake in shares of Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after acquiring an additional 900,000 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Avidity Biosciences by 33.9% during the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after acquiring an additional 1,239,323 shares in the last quarter.

Insider Buying and Selling at Avidity Biosciences

In other news, CEO Sarah Boyce sold 32,880 shares of Avidity Biosciences stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the sale, the chief executive officer now owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the sale, the director now directly owns 14,830 shares of the company’s stock, valued at $678,175.90. This represents a 25.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 174,866 shares of company stock valued at $7,583,037 in the last quarter. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock opened at $32.74 on Wednesday. The business has a fifty day simple moving average of $43.24 and a two-hundred day simple moving average of $42.27. Avidity Biosciences, Inc. has a 1 year low of $8.37 and a 1 year high of $56.00. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of -11.37 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.14. 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 $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RNA. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target for the company. Royal Bank of Canada initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, November 26th. They set an “outperform” rating and a $67.00 price target for the company. Chardan Capital reissued a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Barclays initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $63.60.

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.