Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Purchased by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC increased its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 30.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 539,207 shares of the biotechnology company’s stock after purchasing an additional 124,867 shares during the period. Lord Abbett & CO. LLC owned 0.45% of Avidity Biosciences worth $24,766,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Wellington Management Group LLP boosted its holdings in shares of Avidity Biosciences by 84.9% in the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after acquiring an additional 3,228,923 shares during the last quarter. State Street Corp boosted its holdings in 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 during the last quarter. Janus Henderson Group PLC grew its position in Avidity Biosciences by 33.9% during the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after purchasing an additional 1,239,323 shares during the period. RA Capital Management L.P. raised its stake in shares of Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after buying an additional 900,000 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. raised its stake in shares of Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after buying an additional 707,773 shares during the last quarter.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $32.49 on Monday. Avidity Biosciences, Inc. has a fifty-two week low of $7.79 and a fifty-two week high of $56.00. The firm has a market capitalization of $3.88 billion, a P/E ratio of -11.28 and a beta of 0.89. The stock’s fifty day moving average is $43.72 and its two-hundred day moving average is $42.19.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. As a group, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the sale, the chief executive officer now owns 234,663 shares in the company, valued at $10,325,172. This represents a 12.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider W. Michael Flanagan sold 24,000 shares of Avidity Biosciences stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total transaction of $858,480.00. Following the sale, the insider now directly owns 85,389 shares of the company’s stock, valued at approximately $3,054,364.53. This trade represents a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 174,866 shares of company stock worth $7,583,037. Insiders own 3.68% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on RNA shares. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Royal Bank of Canada initiated coverage on Avidity Biosciences in a report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price target for the company. The Goldman Sachs Group started coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, Evercore ISI reduced their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Monday, August 26th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $63.60.

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.