Vanguard Group Inc. Has $274.28 Million Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Vanguard Group Inc. grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 2.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,431,911 shares of the biotechnology company’s stock after purchasing an additional 205,027 shares during the period. Vanguard Group Inc. owned about 0.08% of Avidity Biosciences worth $274,280,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in RNA. LPL Financial LLC boosted its position in Avidity Biosciences by 273.9% in the fourth quarter. LPL Financial LLC now owns 16,726 shares of the biotechnology company’s stock valued at $486,000 after buying an additional 12,253 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Avidity Biosciences in the 4th quarter worth approximately $521,000. Virtu Financial LLC bought a new stake in Avidity Biosciences during the 4th quarter worth approximately $210,000. Quantbot Technologies LP acquired a new stake in Avidity Biosciences during the 4th quarter valued at $277,000. Finally, Magnetar Financial LLC bought a new position in Avidity Biosciences in the 4th quarter valued at $640,000.

Avidity Biosciences Stock Down 5.4 %

NASDAQ:RNA opened at $26.57 on Friday. Avidity Biosciences, Inc. has a twelve month low of $22.24 and a twelve month high of $56.00. The company has a market cap of $3.19 billion, a P/E ratio of -9.23 and a beta of 1.02. The business has a 50 day moving average price of $31.35 and a two-hundred day moving average price of $36.74.

Avidity Biosciences (NASDAQ:RNA) last released its 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 business had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. As a group, analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Arthur A. Levin sold 1,872 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the sale, the director now directly owns 12,958 shares in the company, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sarah Boyce sold 10,397 shares of Avidity Biosciences stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $297,250.23. Following the transaction, the chief executive officer now owns 337,411 shares of the company’s stock, valued at $9,646,580.49. The trade was a 2.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 79,318 shares of company stock worth $2,405,390 in the last quarter. Corporate insiders own 3.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Bank of America lowered their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, March 10th. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price for the company. Scotiabank initiated coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $66.69.

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.