Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Acquired by Parallel Advisors LLC

Parallel Advisors LLC lifted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 43.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,705 shares of the biotechnology company’s stock after acquiring an additional 515 shares during the period. Parallel Advisors LLC’s holdings in Avidity Biosciences were worth $50,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in RNA. Janus Henderson Group PLC boosted its stake in shares of Avidity Biosciences by 44.1% during the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock valued at $205,134,000 after acquiring an additional 2,156,844 shares during the last quarter. Boxer Capital Management LLC acquired a new stake in shares of Avidity Biosciences during the fourth quarter valued at $50,232,000. Wellington Management Group LLP increased its stake in Avidity Biosciences by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock valued at $235,725,000 after purchasing an additional 1,075,148 shares during the last quarter. Norges Bank acquired a new position in Avidity Biosciences in the fourth quarter valued at $21,077,000. Finally, Avoro Capital Advisors LLC increased its stake in Avidity Biosciences by 9.1% in the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock valued at $218,100,000 after purchasing an additional 625,000 shares during the last quarter.

Insider Activity

In related news, insider Steven George Hughes sold 9,578 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the sale, the insider now owns 72,850 shares of the company’s stock, valued at approximately $2,262,721. This trade represents a 11.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $32.48, for a total value of $190,820.00. Following the completion of the sale, the insider now directly owns 50,554 shares in the company, valued at approximately $1,641,993.92. This trade represents a 10.41% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,678 shares of company stock worth $2,068,257. 3.83% of the stock is currently owned by corporate insiders.

Avidity Biosciences Stock Performance

RNA opened at $36.24 on Monday. The firm has a 50 day moving average price of $29.43 and a 200 day moving average price of $31.40. The company has a market cap of $4.37 billion, a PE ratio of -12.58 and a beta of 0.95. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. On average, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Bank of America dropped their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Barclays dropped their target price on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Scotiabank assumed coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 target price for the company. Citigroup assumed coverage on Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price for the company. Finally, Chardan Capital reiterated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, May 7th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $66.38.

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.