Geode Capital Management LLC Has $118.77 Million Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Geode Capital Management LLC raised its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 14.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,585,303 shares of the biotechnology company’s stock after buying an additional 328,606 shares during the quarter. Geode Capital Management LLC owned about 2.17% of Avidity Biosciences worth $118,767,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of RNA. National Bank of Canada FI acquired a new stake in Avidity Biosciences during the 3rd quarter worth $27,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Avidity Biosciences during the third quarter worth about $30,000. Values First Advisors Inc. bought a new position in shares of Avidity Biosciences during the 3rd quarter valued at about $32,000. Quarry LP grew its position in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 1,700 shares during the period. Finally, Quest Partners LLC increased its stake in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after purchasing an additional 1,392 shares in the last quarter.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the sale, the director now owns 14,830 shares in the company, valued at approximately $678,175.90. This represents a 25.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sarah Boyce sold 32,880 shares of Avidity Biosciences stock in a transaction on 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 transaction, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 174,866 shares of company stock worth $7,583,037. Insiders own 3.68% of the company’s stock.

Wall Street Analyst Weigh In

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

Avidity Biosciences Stock Down 1.9 %

Shares of Avidity Biosciences stock opened at $32.74 on Wednesday. Avidity Biosciences, Inc. has a 12-month low of $8.37 and a 12-month high of $56.00. The business’s 50 day moving average is $43.24 and its 200-day moving average is $42.27. The stock has a market cap of $3.91 billion, a P/E ratio of -11.37 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

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.