Guggenheim Capital LLC Boosts Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Guggenheim Capital LLC increased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 3.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 33,887 shares of the biotechnology company’s stock after acquiring an additional 1,028 shares during the period. Guggenheim Capital LLC’s holdings in Avidity Biosciences were worth $985,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of RNA. Wellington Management Group LLP boosted its stake in Avidity Biosciences by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock worth $235,725,000 after purchasing an additional 1,075,148 shares during the last quarter. Norges Bank purchased a new position in shares of Avidity Biosciences in the fourth quarter worth about $21,077,000. Finepoint Capital LP acquired a new position in Avidity Biosciences during the fourth quarter worth about $11,379,000. Geode Capital Management LLC grew its stake in Avidity Biosciences by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 2,807,455 shares of the biotechnology company’s stock valued at $82,832,000 after acquiring an additional 222,152 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Avidity Biosciences by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock valued at $274,280,000 after acquiring an additional 205,027 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have commented on RNA shares. Scotiabank began coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $70.00 target price on the stock. Bank of America decreased their price objective on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Chardan Capital reissued a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Finally, HC Wainwright restated a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences has a consensus rating of “Buy” and an average target price of $66.69.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CFO Michael F. Maclean sold 7,935 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the transaction, the chief financial officer now owns 96,720 shares of the company’s stock, valued at approximately $3,004,123.20. This trade represents a 7.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the sale, the insider now owns 50,554 shares in the company, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,803 shares of company stock valued at $1,876,027. Corporate insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Up 3.3 %

NASDAQ RNA opened at $29.45 on Wednesday. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The firm has a 50 day moving average of $29.36 and a two-hundred day moving average of $34.88. The stock has a market capitalization of $3.54 billion, a PE ratio of -10.23 and a beta of 1.01.

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

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.