Norges Bank Makes New $21.08 Million Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Norges Bank purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 724,787 shares of the biotechnology company’s stock, valued at approximately $21,077,000.

A number of other institutional investors have also modified their holdings of RNA. Wellington Management Group LLP boosted its stake in Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after acquiring an additional 3,228,923 shares during the period. State Street Corp lifted its holdings in shares of Avidity Biosciences by 41.7% in the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock worth $216,151,000 after purchasing an additional 1,386,087 shares during the last quarter. Geode Capital Management LLC boosted its position in Avidity Biosciences by 14.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,585,303 shares of the biotechnology company’s stock valued at $118,767,000 after purchasing an additional 328,606 shares during the period. Vanguard Group Inc. grew its stake in Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock worth $274,280,000 after buying an additional 205,027 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Avidity Biosciences in the fourth quarter worth $5,784,000.

Insider Buying and Selling at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the transaction, the insider now owns 50,554 shares of the company’s stock, valued at approximately $1,406,917.82. This trade represents a 10.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the sale, the director now owns 12,958 shares in the company, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 79,318 shares of company stock valued at $2,405,390. Corporate insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Down 5.4 %

NASDAQ:RNA opened at $26.57 on Monday. Avidity Biosciences, Inc. has a 52-week low of $22.24 and a 52-week high of $56.00. The firm has a market cap of $3.19 billion, a P/E ratio of -9.23 and a beta of 1.01. The business’s 50-day moving average price is $31.35 and its 200 day moving average price is $36.64.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The business had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on RNA. 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 for the company. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Citigroup began coverage on Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 price target on the stock. Scotiabank initiated coverage on Avidity Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price objective for the company. Finally, Chardan Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen 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.

Avidity Biosciences 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.