KBC Group NV Increases Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

KBC Group NV increased its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 99.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,474 shares of the biotechnology company’s stock after buying an additional 2,226 shares during the period. KBC Group NV’s holdings in Avidity Biosciences were worth $130,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the third quarter valued at about $27,000. Allspring Global Investments Holdings LLC purchased a new position in Avidity Biosciences in the third quarter valued at about $30,000. Values First Advisors Inc. purchased a new position in Avidity Biosciences in the third quarter valued at about $32,000. Quest Partners LLC grew its stake in Avidity Biosciences by 217.8% during the 3rd 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, Mirae Asset Global Investments Co. Ltd. increased its holdings in Avidity Biosciences by 48.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,236 shares of the biotechnology company’s stock worth $179,000 after purchasing an additional 1,381 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. TD Cowen increased their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $65.80.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the sale, the insider now owns 50,554 shares of the company’s stock, valued at $1,625,816.64. The trade was a 10.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $41.14, for a total value of $1,028,500.00. Following the transaction, the insider now owns 94,018 shares of the company’s stock, valued at $3,867,900.52. This trade represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 157,461 shares of company stock worth $5,397,477 in the last 90 days. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Stock Up 1.2 %

Shares of NASDAQ:RNA opened at $35.11 on Friday. The firm has a 50-day simple moving average of $32.24 and a 200 day simple moving average of $40.31. Avidity Biosciences, Inc. has a fifty-two week low of $12.02 and a fifty-two week high of $56.00. The company has a market cap of $4.19 billion, a PE ratio of -12.19 and a beta of 1.00.

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. The company had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal 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.