Fmr LLC Has $773.86 Million Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Fmr LLC raised its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 4.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,848,776 shares of the biotechnology company’s stock after acquiring an additional 689,729 shares during the period. Fmr LLC owned about 0.14% of Avidity Biosciences worth $773,864,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Avidity Biosciences in the third quarter valued at about $30,000. Values First Advisors Inc. bought a new stake in shares of Avidity Biosciences in the third quarter valued at about $32,000. Quarry LP lifted its holdings in shares of Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares in the last quarter. Quest Partners LLC lifted its holdings in shares of Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares in the last quarter. Finally, nVerses Capital LLC lifted its holdings in shares of Avidity Biosciences by 25.9% in the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after purchasing an additional 700 shares in the last quarter.

Insider Activity

In related news, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the sale, the insider now owns 94,018 shares of the company’s stock, valued at $4,561,753.36. This represents a 21.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the sale, the director now directly owns 14,830 shares in the company, valued at $678,175.90. This represents a 25.21 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 150,866 shares of company stock valued at $6,724,557. 3.68% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on RNA. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Evercore ISI dropped their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Royal Bank of Canada began coverage on Avidity Biosciences in a report on Tuesday. They set an “outperform” rating and a $67.00 target price on the stock. Chardan Capital reiterated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $63.60.

Avidity Biosciences Stock Down 1.1 %

NASDAQ:RNA opened at $43.33 on Thursday. The stock’s 50 day moving average price is $45.54 and its two-hundred day moving average price is $41.26. The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of -15.05 and a beta of 0.91. Avidity Biosciences, Inc. has a 12-month low of $6.60 and a 12-month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Equities research analysts expect that Avidity Biosciences, Inc. will post -2.84 EPS for the current 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.