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

Lord Abbett & CO. LLC raised its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 30.1% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 539,207 shares of the biotechnology company’s stock after acquiring an additional 124,867 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Avidity Biosciences were worth $24,766,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. PEAK6 Investments LLC grew its position in Avidity Biosciences by 4.9% during the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock worth $337,000 after buying an additional 343 shares during the period. Arizona State Retirement System increased its position in Avidity Biosciences by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after purchasing an additional 405 shares in the last quarter. National Bank of Canada FI acquired a new position in Avidity Biosciences in the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC acquired a new stake in Avidity Biosciences in the 3rd quarter worth about $30,000. Finally, Values First Advisors Inc. purchased a new stake in Avidity Biosciences in the third quarter valued at approximately $32,000.

Analyst Ratings Changes

RNA has been the topic of several research analyst reports. Barclays initiated coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective on the stock. Royal Bank of Canada assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 target price on the stock. Chardan Capital reiterated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price objective on the stock. Finally, TD Cowen increased their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $63.60.

Avidity Biosciences Trading Down 3.8 %

RNA stock opened at $32.49 on Monday. The company has a market capitalization of $3.88 billion, a P/E ratio of -11.28 and a beta of 0.89. Avidity Biosciences, Inc. has a twelve month low of $7.79 and a twelve month high of $56.00. The firm has a 50 day simple moving average of $43.72 and a 200-day simple moving average of $42.19.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping the consensus estimate 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 business had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. On average, research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Activity

In related news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction dated 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 sale, the insider now directly owns 94,018 shares in the company, valued at $4,561,753.36. This trade represents a 21.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $678,175.90. The trade was a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 174,866 shares of company stock valued at $7,583,037. 3.68% of the stock is currently owned by insiders.

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.