abrdn plc Purchases New Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

abrdn plc acquired a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 129,414 shares of the biotechnology company’s stock, valued at approximately $1,171,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. increased its position in shares of Avidity Biosciences by 73.3% during 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 in the last quarter. Vanguard Group Inc. raised its stake in shares of Avidity Biosciences by 1.2% in the third quarter. Vanguard Group Inc. now owns 4,014,490 shares of the biotechnology company’s stock valued at $25,612,000 after acquiring an additional 47,305 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Avidity Biosciences by 301.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 166,019 shares of the biotechnology company’s stock worth $1,502,000 after acquiring an additional 124,633 shares in the last quarter. FMR LLC grew its position in Avidity Biosciences by 4.6% during the 3rd quarter. FMR LLC now owns 11,114,431 shares of the biotechnology company’s stock worth $70,910,000 after acquiring an additional 491,567 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Avidity Biosciences by 149.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 86,611 shares of the biotechnology company’s stock valued at $784,000 after purchasing an additional 51,839 shares in the last quarter.

Avidity Biosciences Trading Up 1.4 %

Shares of NASDAQ:RNA opened at $24.70 on Tuesday. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $27.66. The stock has a market capitalization of $1.97 billion, a P/E ratio of -8.52 and a beta of 0.77. The business has a 50-day moving average price of $22.36 and a two-hundred day moving average price of $13.49.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.25). Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. The business had revenue of $2.19 million for the quarter, compared to the consensus estimate of $32.08 million. As a group, equities analysts predict that Avidity Biosciences, Inc. will post -3.07 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In related news, CEO Sarah Boyce sold 84,000 shares of Avidity Biosciences stock in a transaction on Friday, March 8th. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the completion of the sale, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at $2,398,182.63. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Sarah Boyce sold 84,000 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $21.39, for a total value of $1,796,760.00. Following the sale, the chief executive officer now directly owns 112,117 shares in the company, valued at approximately $2,398,182.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 27,641 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $22.03, for a total transaction of $608,931.23. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $326,704.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 204,641 shares of company stock worth $4,676,431. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on RNA. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a research note on Thursday, April 11th. Wells Fargo & Company reissued an “overweight” rating and set a $50.00 price objective on shares of Avidity Biosciences in a report on Wednesday, January 3rd. Chardan Capital reaffirmed a “buy” rating and issued a $23.00 target price on shares of Avidity Biosciences in a research note on Thursday, February 29th. Finally, Cantor Fitzgerald began coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They set an “overweight” rating and a $60.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $36.33.

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.