Wellington Management Group LLP Purchases 12,835 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Wellington Management Group LLP lifted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 5.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 248,071 shares of the biotechnology company’s stock after buying an additional 12,835 shares during the quarter. Wellington Management Group LLP owned about 0.33% of Avidity Biosciences worth $1,583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Deutsche Bank AG increased its position in shares of Avidity Biosciences by 3.7% during the third quarter. Deutsche Bank AG now owns 134,550 shares of the biotechnology company’s stock valued at $858,000 after buying an additional 4,748 shares during the period. Walleye Capital LLC increased its position in shares of Avidity Biosciences by 898.9% during the third quarter. Walleye Capital LLC now owns 123,220 shares of the biotechnology company’s stock valued at $786,000 after buying an additional 110,885 shares during the period. Tudor Investment Corp Et Al grew its holdings in Avidity Biosciences by 135.5% in the third quarter. Tudor Investment Corp Et Al now owns 35,233 shares of the biotechnology company’s stock worth $225,000 after purchasing an additional 20,273 shares during the period. GSA Capital Partners LLP grew its holdings in Avidity Biosciences by 491.7% in the third quarter. GSA Capital Partners LLP now owns 339,679 shares of the biotechnology company’s stock worth $2,167,000 after purchasing an additional 282,270 shares during the period. Finally, Alethea Capital Management LLC grew its holdings in Avidity Biosciences by 0.6% in the third quarter. Alethea Capital Management LLC now owns 854,651 shares of the biotechnology company’s stock worth $5,453,000 after purchasing an additional 5,000 shares during the period.

Avidity Biosciences Stock Up 3.4 %

NASDAQ:RNA opened at $25.52 on Friday. The company’s 50 day moving average price is $16.86 and its 200-day moving average price is $10.62. Avidity Biosciences, Inc. has a 52 week low of $4.82 and a 52 week high of $26.24. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of -8.80 and a beta of 0.72.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.25). The company had revenue of $2.19 million for the quarter, compared to the consensus estimate of $32.08 million. Avidity Biosciences had a negative net margin of 2,219.87% and a negative return on equity of 39.74%. As a group, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -3.07 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RNA. Cantor Fitzgerald began coverage on shares of Avidity Biosciences in a report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price objective on the stock. Wells Fargo & Company restated an “overweight” rating and issued a $50.00 price objective on shares of Avidity Biosciences in a report on Wednesday, January 3rd. Needham & Company LLC restated a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a report on Thursday, February 29th. Finally, Chardan Capital restated a “buy” rating and issued a $23.00 price objective on shares of Avidity Biosciences in a report on Thursday, February 29th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and an average target price of $36.33.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 5,092 shares of the stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $10.13, for a total value of $51,581.96. Following the transaction, the chief executive officer now directly owns 44,008 shares in the company, valued at $445,801.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Avidity Biosciences news, insider W. Michael Flanagan sold 4,129 shares of the stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $10.13, for a total value of $41,826.77. Following the transaction, the insider now directly owns 35,871 shares in the company, valued at $363,373.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sarah Boyce sold 5,092 shares of the stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $10.13, for a total transaction of $51,581.96. Following the completion of the transaction, the chief executive officer now owns 44,008 shares in the company, valued at $445,801.04. The disclosure for this sale can be found here. Insiders have sold a total of 192,337 shares of company stock worth $4,148,742 over the last quarter. Company insiders own 2.00% of the company’s stock.

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.