Candriam S.C.A. Has $10.49 Million Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Candriam S.C.A. increased its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 11.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 360,710 shares of the biotechnology company’s stock after acquiring an additional 37,314 shares during the period. Candriam S.C.A. owned about 0.30% of Avidity Biosciences worth $10,489,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Y Intercept Hong Kong Ltd bought a new stake in Avidity Biosciences in the 4th quarter worth about $386,000. Lord Abbett & CO. LLC grew its position in Avidity Biosciences by 30.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after purchasing an additional 124,867 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Avidity Biosciences by 24.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after purchasing an additional 197,065 shares in the last quarter. RA Capital Management L.P. grew its position in Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Finally, FMR LLC grew its position in Avidity Biosciences by 4.3% in the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock worth $773,864,000 after purchasing an additional 689,729 shares in the last quarter.

Avidity Biosciences Price Performance

NASDAQ RNA opened at $30.29 on Friday. The company’s 50 day simple moving average is $30.85 and its two-hundred day simple moving average is $38.47. The stock has a market capitalization of $3.61 billion, a PE ratio of -10.52 and a beta of 1.00. Avidity Biosciences, Inc. has a 1 year low of $20.34 and a 1 year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Activity

In related news, CEO Sarah Boyce sold 31,855 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the transaction, the chief executive officer now owns 265,308 shares of the company’s stock, valued at approximately $8,664,959.28. This trade represents a 10.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arthur A. Levin sold 1,872 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the transaction, the director now directly owns 12,958 shares in the company, valued at approximately $370,598.80. This represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 129,138 shares of company stock worth $4,229,012. 3.68% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RNA. Scotiabank began coverage on shares of Avidity Biosciences in a research report on Friday. They set a “sector outperform” rating and a $70.00 target price for the company. Barclays reduced their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Finally, HC Wainwright restated a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and an average target price of $65.64.

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.