JPMorgan Chase & Co. Has $21.45 Million Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

JPMorgan Chase & Co. trimmed its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 3.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 467,085 shares of the biotechnology company’s stock after selling 14,395 shares during the period. JPMorgan Chase & Co.’s holdings in Avidity Biosciences were worth $21,453,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in RNA. National Bank of Canada FI bought a new position in Avidity Biosciences in the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC bought a new position in shares of Avidity Biosciences during the third quarter worth approximately $30,000. Values First Advisors Inc. acquired a new stake in Avidity Biosciences during the 3rd quarter worth approximately $32,000. Quarry LP boosted its stake in Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares during the period. Finally, Quest Partners LLC grew its holdings in Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after buying an additional 1,392 shares in the last quarter.

Insider Buying and Selling at Avidity Biosciences

In other news, insider W. Michael Flanagan sold 12,742 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $416,153.72. Following the completion of the transaction, the insider now directly owns 72,647 shares in the company, valued at approximately $2,372,651.02. This represents a 14.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00. Following the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $4,561,753.36. This trade represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 163,071 shares of company stock worth $6,125,324 over the last 90 days. Insiders own 3.68% of the company’s stock.

Wall Street Analyst Weigh In

RNA has been the subject of a number of research reports. Royal Bank of Canada assumed coverage on Avidity Biosciences in a report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price for the company. TD Cowen lifted their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Chardan Capital reissued a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Buy” and a consensus price target of $65.80.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $29.93 on Thursday. Avidity Biosciences, Inc. has a 1 year low of $9.93 and a 1 year high of $56.00. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of -10.39 and a beta of 0.99. The company’s 50 day simple moving average is $38.22 and its 200 day simple moving average is $41.89.

Avidity Biosciences (NASDAQ:RNA) last issued 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 company had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. As a group, analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal 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.