Swiss National Bank Purchases 45,900 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Swiss National Bank grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA – Get Rating) by 51.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 134,400 shares of the biotechnology company’s stock after purchasing an additional 45,900 shares during the quarter. Swiss National Bank owned approximately 0.25% of Avidity Biosciences worth $2,982,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. MetLife Investment Management LLC boosted its stake in Avidity Biosciences by 58.5% during the first quarter. MetLife Investment Management LLC now owns 19,404 shares of the biotechnology company’s stock worth $358,000 after acquiring an additional 7,161 shares in the last quarter. Rhumbline Advisers boosted its stake in Avidity Biosciences by 4.4% during the first quarter. Rhumbline Advisers now owns 46,130 shares of the biotechnology company’s stock worth $852,000 after acquiring an additional 1,932 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Avidity Biosciences by 86.9% during the first quarter. Dimensional Fund Advisors LP now owns 372,752 shares of the biotechnology company’s stock worth $6,884,000 after acquiring an additional 173,365 shares in the last quarter. Vanguard Group Inc. boosted its stake in Avidity Biosciences by 14.7% during the first quarter. Vanguard Group Inc. now owns 2,298,363 shares of the biotechnology company’s stock worth $42,451,000 after acquiring an additional 294,791 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Avidity Biosciences by 2.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 299,802 shares of the biotechnology company’s stock worth $5,538,000 after acquiring an additional 8,461 shares in the last quarter.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $12.08 on Tuesday. The firm has a 50-day moving average of $15.16 and a 200-day moving average of $17.76. The company has a market cap of $855.51 million, a P/E ratio of -3.60 and a beta of -0.10. Avidity Biosciences, Inc. has a one year low of $9.83 and a one year high of $25.74.

Avidity Biosciences (NASDAQ:RNA – Get Rating) last posted its quarterly earnings data on Tuesday, February 28th. The biotechnology company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.04). Avidity Biosciences had a negative return on equity of 40.70% and a negative net margin of 1,988.76%. The company had revenue of $2.77 million for the quarter, compared to analysts’ expectations of $2.39 million. As a group, research analysts expect that Avidity Biosciences, Inc. will post -3.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RNA has been the topic of several research analyst reports. 1-800-FLOWERS.COM reissued a “reiterates” rating on shares of Avidity Biosciences in a research note on Friday, April 28th. Evercore ISI upgraded shares of Avidity Biosciences from an “in-line” rating to an “outperform” rating and set a $20.00 price objective on the stock in a report on Monday. Chardan Capital restated a “buy” rating and set a $27.00 price objective on shares of Avidity Biosciences in a report on Friday, March 31st. Wells Fargo & Company lowered their price objective on shares of Avidity Biosciences from $55.00 to $50.00 in a report on Thursday, May 11th. Finally, Credit Suisse Group lowered their price objective on shares of Avidity Biosciences from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Friday, March 31st. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $38.83.

Avidity Biosciences Profile

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Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.