Wellington Management Group LLP Acquires 43,147 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Wellington Management Group LLP increased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 17.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 291,218 shares of the biotechnology company’s stock after acquiring an additional 43,147 shares during the quarter. Wellington Management Group LLP owned approximately 0.36% of Avidity Biosciences worth $2,636,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Adage Capital Partners GP L.L.C. raised its holdings in shares of Avidity Biosciences by 73.3% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,300,000 shares of the biotechnology company’s stock worth $8,294,000 after purchasing an additional 550,000 shares during the period. GSA Capital Partners LLP lifted its holdings in Avidity Biosciences by 491.7% during the third quarter. GSA Capital Partners LLP now owns 339,679 shares of the biotechnology company’s stock valued at $2,167,000 after purchasing an additional 282,270 shares during the last quarter. abrdn plc bought a new position in Avidity Biosciences during the fourth quarter worth about $1,171,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Avidity Biosciences by 301.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 166,019 shares of the biotechnology company’s stock worth $1,502,000 after purchasing an additional 124,633 shares in the last quarter. Finally, Lighthouse Investment Partners LLC bought a new stake in shares of Avidity Biosciences in the fourth quarter valued at approximately $592,000.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on RNA shares. Chardan Capital lifted their price objective on shares of Avidity Biosciences from $33.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, June 12th. Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price target on the stock. Evercore ISI lifted their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, June 12th. Needham & Company LLC restated a “buy” rating and issued a $35.00 target price on shares of Avidity Biosciences in a research note on Monday, June 10th. Finally, Bank of America lifted their price target on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and a consensus target price of $44.29.

Insider Activity

In other news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total transaction of $715,120.00. Following the completion of the sale, the chief executive officer now owns 112,117 shares of the company’s stock, valued at $2,863,468.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Avidity Biosciences news, CFO Michael F. Maclean sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $28.28, for a total transaction of $2,121,000.00. Following the completion of the transaction, the chief financial officer now owns 44,093 shares of the company’s stock, valued at approximately $1,246,950.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sarah Boyce sold 28,000 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total value of $715,120.00. Following the completion of the sale, the chief executive officer now owns 112,117 shares in the company, valued at $2,863,468.18. The disclosure for this sale can be found here. Over the last three months, insiders have sold 474,478 shares of company stock valued at $16,306,520. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Price Performance

NASDAQ:RNA opened at $40.85 on Monday. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of -13.85 and a beta of 0.81. The business has a 50 day moving average of $30.05 and a 200 day moving average of $21.11. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $42.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.02. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. The firm had revenue of $3.54 million during the quarter, compared to analyst estimates of $7.09 million. As a group, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -3.15 EPS for the current year.

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.