Charles Schwab Investment Management Inc. Has $45.48 Million Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Charles Schwab Investment Management Inc. increased its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 24.8% during the third quarter, Holdings Channel reports. The firm owned 990,182 shares of the biotechnology company’s stock after buying an additional 197,065 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Avidity Biosciences were worth $45,479,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences in the third quarter valued at $30,000. Values First Advisors Inc. bought a new stake in shares of Avidity Biosciences during the 3rd quarter worth about $32,000. Quarry LP grew its stake in Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,700 shares during the last quarter. Quest Partners LLC raised its holdings in Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after acquiring an additional 1,392 shares during the period. Finally, nVerses Capital LLC lifted its position in Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after acquiring an additional 700 shares during the last quarter.

Avidity Biosciences Stock Down 0.7 %

RNA opened at $43.03 on Monday. The stock has a market capitalization of $5.13 billion, a price-to-earnings ratio of -14.94 and a beta of 0.91. Avidity Biosciences, Inc. has a twelve month low of $6.79 and a twelve month high of $56.00. The company has a 50-day simple moving average of $45.44 and a 200 day simple moving average of $41.50.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The company had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other news, CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the sale, the chief executive officer now directly owns 234,663 shares in the company, valued at approximately $10,325,172. The trade was a 12.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $678,175.90. This represents a 25.21 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 150,866 shares of company stock valued at $6,724,557. 3.68% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Royal Bank of Canada began coverage on Avidity Biosciences in a research report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 target price on the stock. Evercore ISI decreased their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. The Goldman Sachs Group started coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $63.60.

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.