Charles Schwab Investment Management Inc. Buys 38,749 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Charles Schwab Investment Management Inc. grew its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 3.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,028,931 shares of the biotechnology company’s stock after acquiring an additional 38,749 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Avidity Biosciences were worth $29,921,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC lifted its holdings in shares of Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after purchasing an additional 689,729 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Avidity Biosciences by 84.9% during the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after purchasing an additional 3,228,923 shares in the last quarter. RA Capital Management L.P. lifted its holdings in shares of Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Avidity Biosciences by 33.9% during the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock valued at $224,774,000 after purchasing an additional 1,239,323 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after purchasing an additional 1,386,087 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Barclays cut their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. BMO Capital Markets assumed coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective on the stock. Bank of America cut 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. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Monday. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $66.69.

Insiders Place Their Bets

In related news, Director Arthur A. Levin sold 1,872 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the transaction, the director now directly owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares of the company’s stock, valued at $1,625,816.64. This trade represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,138 shares of company stock valued at $2,539,032 in the last 90 days. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Stock Up 8.7 %

NASDAQ:RNA opened at $33.83 on Tuesday. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of -11.75 and a beta of 1.02. Avidity Biosciences, Inc. has a twelve month low of $21.56 and a twelve month high of $56.00. The stock’s 50 day moving average price is $31.04 and its two-hundred day moving average price is $37.77.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company 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%. As a group, analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

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.