7,219 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Bought by Virtu Financial LLC

Virtu Financial LLC acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,219 shares of the biotechnology company’s stock, valued at approximately $210,000.

Several other hedge funds also recently made changes to their positions in the company. PEAK6 Investments LLC boosted its stake in Avidity Biosciences by 4.9% during the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock worth $337,000 after purchasing an additional 343 shares during the period. Aaron Wealth Advisors LLC raised its holdings in shares of Avidity Biosciences by 6.6% in the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock valued at $236,000 after buying an additional 504 shares during the last quarter. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the third quarter worth about $27,000. New York State Common Retirement Fund grew its holdings in shares of Avidity Biosciences by 0.3% during the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after buying an additional 598 shares during the last quarter. Finally, Xponance Inc. increased its position in Avidity Biosciences by 11.0% in the 4th quarter. Xponance Inc. now owns 7,957 shares of the biotechnology company’s stock valued at $231,000 after acquiring an additional 791 shares during the period.

Avidity Biosciences Price Performance

RNA opened at $31.60 on Friday. The stock’s 50 day simple moving average is $31.53 and its 200 day simple moving average is $37.17. The stock has a market cap of $3.80 billion, a P/E ratio of -10.97 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.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly 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 net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. Research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RNA has been the subject of a number of recent research reports. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. HC Wainwright reiterated a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, Bank of America reduced their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $66.69.

Insiders Place Their Bets

In related news, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the sale, the insider now owns 72,850 shares in the company, valued at approximately $2,262,721. This trade represents a 11.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael F. Maclean sold 3,287 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $93,975.33. Following the completion of the transaction, the chief financial officer now directly owns 104,655 shares of the company’s stock, valued at $2,992,086.45. The trade was a 3.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 73,443 shares of company stock worth $2,241,889. Insiders own 3.68% of the company’s stock.

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.