Avidity Biosciences, Inc. (NASDAQ:RNA) Stock Position Raised by Creative Planning

Creative Planning increased its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 76.5% during the third quarter, Holdings Channel reports. The fund owned 23,806 shares of the biotechnology company’s stock after purchasing an additional 10,319 shares during the quarter. Creative Planning’s holdings in Avidity Biosciences were worth $1,093,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RNA. Price T Rowe Associates Inc. MD raised its position in shares of Avidity Biosciences by 7.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock worth $189,592,000 after buying an additional 516,446 shares in the last quarter. Avoro Capital Advisors LLC increased its stake in shares of Avidity Biosciences by 11.7% during the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock valued at $265,729,000 after acquiring an additional 680,000 shares during the period. RA Capital Management L.P. raised its holdings in Avidity Biosciences by 33.7% during the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after purchasing an additional 827,647 shares in the last quarter. Janus Henderson Group PLC lifted its position in Avidity Biosciences by 4,661.3% in the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after purchasing an additional 1,216,730 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its holdings in Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after acquiring an additional 707,773 shares during the last quarter.

Avidity Biosciences Stock Down 2.2 %

RNA stock opened at $42.26 on Friday. Avidity Biosciences, Inc. has a twelve month low of $4.82 and a twelve month high of $50.78. The business has a fifty day moving average of $44.42 and a 200-day moving average of $38.48. The company has a market cap of $4.64 billion, a P/E ratio of -14.37 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11. The business had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. As a group, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other news, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the completion of the transaction, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at $8,888,614.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Teresa Mccarthy sold 13,153 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00. Following the transaction, the insider now directly owns 69,018 shares of the company’s stock, valued at approximately $3,036,792. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $43.35, for a total value of $1,213,800.00. Following the sale, the chief executive officer now owns 205,043 shares of the company’s stock, valued at approximately $8,888,614.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 155,543 shares of company stock valued at $6,995,842. 3.68% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RNA shares. Barclays initiated coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. TD Cowen boosted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Chardan Capital lifted their price objective on Avidity Biosciences from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday. Evercore ISI decreased their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and an average price target of $63.22.

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.