Barclays PLC Has $11.74 Million Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Barclays PLC boosted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 68.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 255,699 shares of the biotechnology company’s stock after purchasing an additional 103,905 shares during the quarter. Barclays PLC owned about 0.21% of Avidity Biosciences worth $11,743,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Orion Portfolio Solutions LLC acquired a new position in Avidity Biosciences in the 3rd quarter worth $535,000. XTX Topco Ltd bought a new stake in shares of Avidity Biosciences in the 3rd quarter valued at about $277,000. National Bank of Canada FI bought a new stake in Avidity Biosciences in the third quarter valued at approximately $27,000. Castleark Management LLC acquired a new stake in Avidity Biosciences during the 3rd quarter valued at $2,623,000. Finally, Wellington Management Group LLP raised its holdings in 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 period.

Avidity Biosciences Price Performance

NASDAQ RNA opened at $33.39 on Tuesday. The stock has a market capitalization of $3.98 billion, a P/E ratio of -11.59 and a beta of 0.89. The business has a 50 day simple moving average of $43.51 and a 200 day simple moving average of $42.23. Avidity Biosciences, Inc. has a one year low of $8.37 and a one year high of $56.00.

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Evercore ISI lowered their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a research note 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 set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Royal Bank of Canada began coverage on shares of Avidity Biosciences in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and a consensus price target of $63.60.

Insider Activity

In other Avidity Biosciences news, Director Arthur A. Levin sold 3,323 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total value of $139,964.76. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $624,639.60. This trade represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the business’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 directly owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. The trade was a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 174,866 shares of company stock worth $7,583,037. Company insiders own 3.68% of the company’s stock.

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.