Geode Capital Management LLC Boosts Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Geode Capital Management LLC boosted its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 8.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,807,455 shares of the biotechnology company’s stock after buying an additional 222,152 shares during the period. Geode Capital Management LLC’s holdings in Avidity Biosciences were worth $82,832,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. HighTower Advisors LLC bought a new position in shares of Avidity Biosciences during the 3rd quarter valued at approximately $498,000. Stifel Financial Corp purchased a new stake in Avidity Biosciences during the third quarter valued at $368,000. State Street Corp lifted its position in Avidity Biosciences by 41.7% during the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after purchasing an additional 1,386,087 shares during the last quarter. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences in the 3rd quarter worth $27,000. Finally, XTX Topco Ltd bought a new stake in shares of Avidity Biosciences in the 3rd quarter worth about $277,000.

Insider Buying and Selling at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 2,959 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the transaction, the insider now directly owns 104,908 shares of the company’s stock, valued at $2,999,319.72. This trade represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Arthur A. Levin sold 1,872 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares of the company’s stock, valued at $370,598.80. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 79,318 shares of company stock valued at $2,405,390 in the last ninety days. Corporate insiders own 3.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Citigroup initiated coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price target for the company. Barclays dropped their target price on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $66.69.

Avidity Biosciences Price Performance

Shares of RNA opened at $24.11 on Friday. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of -8.37 and a beta of 1.01. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $56.00. The company has a 50-day moving average of $30.46 and a 200 day moving average of $35.93.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly 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 net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.97 million for the quarter, compared to the consensus estimate of $1.74 million. On average, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

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.