Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Purchased by MetLife Investment Management LLC

MetLife Investment Management LLC raised its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 6.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,364 shares of the biotechnology company’s stock after buying an additional 4,017 shares during the period. MetLife Investment Management LLC owned approximately 0.05% of Avidity Biosciences worth $2,864,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences in the 3rd quarter worth approximately $30,000. Values First Advisors Inc. acquired a new position in shares of Avidity Biosciences in the 3rd quarter worth approximately $32,000. Quarry LP grew its stake 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 worth $82,000 after purchasing an additional 1,700 shares during the last quarter. Quest Partners LLC grew its stake in shares of Avidity Biosciences by 217.8% in 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 during the last quarter. Finally, nVerses Capital LLC grew its stake in shares of Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after purchasing an additional 700 shares during the last quarter.

Avidity Biosciences Stock Performance

Shares of RNA opened at $38.48 on Wednesday. The company’s 50 day moving average price is $45.40 and its 200 day moving average price is $41.67. Avidity Biosciences, Inc. has a 52 week low of $6.79 and a 52 week high of $56.00. The company has a market capitalization of $4.59 billion, a PE ratio of -13.36 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. On average, equities analysts forecast that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on RNA. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Barclays assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price 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 report on Monday, August 26th. The Goldman Sachs Group assumed coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Finally, Royal Bank of Canada assumed coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They set an “outperform” rating and a $67.00 price target on the stock. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences has a consensus rating of “Buy” and a consensus target price of $63.60.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total value of $1,213,000.00. Following the completion of the sale, the insider now directly owns 94,018 shares of the company’s stock, valued at $4,561,753.36. The trade was a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 234,663 shares of the company’s stock, valued at $10,325,172. This represents a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,866 shares of company stock valued at $6,724,557. Corporate 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.