Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Acquired by Swiss National Bank

Swiss National Bank increased its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 12.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 174,400 shares of the biotechnology company’s stock after purchasing an additional 18,800 shares during the quarter. Swiss National Bank’s holdings in Avidity Biosciences were worth $5,072,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in RNA. FMR LLC lifted its stake in Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after purchasing an additional 689,729 shares in the last quarter. Wellington Management Group LLP lifted its position in Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after buying an additional 3,228,923 shares in the last quarter. RA Capital Management L.P. lifted its position in Avidity Biosciences by 16.7% during the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after buying an additional 900,000 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after buying an additional 1,239,323 shares during the last quarter. Finally, State Street Corp grew its holdings in Avidity Biosciences by 41.7% in the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after buying an additional 1,386,087 shares in the last quarter.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, 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 value of $297,492.68. Following the sale, the insider now directly owns 72,850 shares of the company’s stock, valued at approximately $2,262,721. This represents a 11.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the sale, the chief executive officer now directly owns 305,871 shares of the company’s stock, valued at approximately $9,500,353.26. This trade represents a 9.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 73,443 shares of company stock valued at $2,241,889. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $33.30 on Tuesday. The firm has a market capitalization of $4.00 billion, a PE ratio of -11.56 and a beta of 1.02. Avidity Biosciences, Inc. has a 1 year low of $21.56 and a 1 year high of $56.00. The firm’s 50-day moving average is $31.21 and its two-hundred day moving average is $37.39.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.74 million. Analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RNA has been the topic of several recent research reports. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price target on the stock. Barclays dropped their price target 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. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Bank of America lowered their price objective on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Finally, Citigroup assumed coverage on Avidity Biosciences in a research report on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Company 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.