Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Acquired by Janus Henderson Group PLC

Janus Henderson Group PLC boosted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 44.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,053,010 shares of the biotechnology company’s stock after purchasing an additional 2,156,844 shares during the quarter. Janus Henderson Group PLC owned approximately 5.91% of Avidity Biosciences worth $205,134,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RNA. TD Waterhouse Canada Inc. boosted its position in Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 866 shares during the period. Van ECK Associates Corp acquired a new position in Avidity Biosciences during the 4th quarter valued at approximately $38,000. Headlands Technologies LLC acquired a new position in Avidity Biosciences during the 4th quarter valued at approximately $60,000. KBC Group NV boosted its position in Avidity Biosciences by 99.0% during the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock valued at $130,000 after purchasing an additional 2,226 shares during the period. Finally, US Bancorp DE boosted its position in Avidity Biosciences by 25.2% during the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company’s stock valued at $191,000 after purchasing an additional 1,324 shares during the period.

Insider Transactions at Avidity Biosciences

In other news, 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 transaction, the chief executive officer now owns 305,871 shares in the company, valued at approximately $9,500,353.26. The trade was a 9.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction 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 transaction, the insider now owns 72,850 shares in the company, valued at $2,262,721. This represents a 11.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock valued at $1,877,437 over the last three months. Company insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Down 2.9%

Shares of Avidity Biosciences stock opened at $27.87 on Monday. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of -9.68 and a beta of 1.00. The business has a fifty day simple moving average of $29.28 and a 200-day simple moving average of $33.32. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RNA. Barclays reduced their price target on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Citigroup began coverage on Avidity Biosciences in a research report on Thursday, March 13th. They set a “buy” rating and a $70.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Chardan Capital reiterated a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, May 7th. Finally, BMO Capital Markets began coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price target for the company. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and an average target price 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.