14,044 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Acquired by Bryce Point Capital LLC

Bryce Point Capital LLC acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 14,044 shares of the biotechnology company’s stock, valued at approximately $408,000.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock valued at $274,280,000 after buying an additional 205,027 shares in the last quarter. Wellington Management Group LLP increased its holdings in Avidity Biosciences by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock valued at $235,725,000 after acquiring an additional 1,075,148 shares in the last quarter. State Street Corp lifted its holdings in shares of Avidity Biosciences by 41.7% in the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after purchasing an additional 1,386,087 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Avidity Biosciences by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 2,807,455 shares of the biotechnology company’s stock valued at $82,832,000 after purchasing an additional 222,152 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Avidity Biosciences by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,028,931 shares of the biotechnology company’s stock worth $29,921,000 after purchasing an additional 38,749 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on RNA shares. Bank of America reduced their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Scotiabank initiated coverage on Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective on the stock. Barclays dropped their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. BMO Capital Markets assumed coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price on the stock. Finally, Chardan Capital reissued a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has an average rating of “Buy” and a consensus target price of $66.69.

Avidity Biosciences Stock Down 5.4 %

NASDAQ:RNA opened at $26.57 on Friday. The company has a market cap of $3.19 billion, a P/E ratio of -9.23 and a beta of 1.02. The firm’s 50 day moving average is $31.35 and its two-hundred day moving average is $36.74. Avidity Biosciences, Inc. has a fifty-two week low of $22.24 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The firm had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 2,959 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $84,597.81. Following the transaction, the insider now owns 104,908 shares in the company, valued at $2,999,319.72. The trade was a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the sale, the director now directly owns 12,958 shares of the company’s stock, valued at $370,598.80. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,318 shares of company stock worth $2,405,390. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Company 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.