Price T Rowe Associates Inc. MD Increases Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Price T Rowe Associates Inc. MD grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 7.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,429,107 shares of the biotechnology company’s stock after purchasing an additional 516,446 shares during the period. Price T Rowe Associates Inc. MD owned about 7.77% of Avidity Biosciences worth $189,592,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Avoro Capital Advisors LLC raised its holdings in shares of Avidity Biosciences by 132.1% in the first quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock valued at $148,654,000 after purchasing an additional 3,315,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in Avidity Biosciences by 1.2% during the third quarter. Vanguard Group Inc. now owns 4,014,490 shares of the biotechnology company’s stock worth $25,612,000 after buying an additional 47,305 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Avidity Biosciences by 6.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 545,771 shares of the biotechnology company’s stock worth $4,939,000 after buying an additional 30,674 shares during the last quarter. Raymond James & Associates increased its holdings in Avidity Biosciences by 127.6% during the first quarter. Raymond James & Associates now owns 295,718 shares of the biotechnology company’s stock worth $7,547,000 after buying an additional 165,797 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in Avidity Biosciences by 17.4% during the fourth quarter. Wellington Management Group LLP now owns 291,218 shares of the biotechnology company’s stock worth $2,636,000 after buying an additional 43,147 shares during the last quarter.

Insider Activity

In other news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $29.90, for a total value of $149,500.00. Following the completion of the transaction, the director now directly owns 14,830 shares in the company, valued at $443,417. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $39.93, for a total value of $1,118,040.00. Following the completion of the transaction, the chief executive officer now directly owns 205,043 shares in the company, valued at $8,187,366.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $29.90, for a total transaction of $149,500.00. Following the completion of the transaction, the director now owns 14,830 shares of the company’s stock, valued at $443,417. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 482,478 shares of company stock worth $16,993,310. 3.68% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RNA shares. Evercore ISI raised their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, June 12th. Bank of America raised their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Chardan Capital raised their price objective on shares of Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. Finally, Needham & Company LLC restated a “buy” rating and set a $35.00 price objective on shares of Avidity Biosciences in a report on Monday, June 10th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $44.29.

Avidity Biosciences Price Performance

NASDAQ:RNA traded down $1.80 on Monday, reaching $46.34. 279,968 shares of the company’s stock were exchanged, compared to its average volume of 1,325,658. Avidity Biosciences, Inc. has a 52 week low of $4.82 and a 52 week high of $48.80. The stock has a fifty day simple moving average of $36.82 and a 200-day simple moving average of $25.84.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.02. The firm had revenue of $3.54 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%. Equities analysts forecast that Avidity Biosciences, Inc. will post -3.15 EPS for the current 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.