Franklin Resources Inc. Buys 50,908 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Franklin Resources Inc. increased its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 229.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 73,047 shares of the biotechnology company’s stock after buying an additional 50,908 shares during the period. Franklin Resources Inc. owned 0.06% of Avidity Biosciences worth $3,412,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences during the third quarter worth approximately $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences in the third quarter valued at approximately $30,000. Values First Advisors Inc. bought a new position in Avidity Biosciences in the third quarter worth approximately $32,000. Quarry LP increased its holdings in Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the period. Finally, Quest Partners LLC raised its position in Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares in the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RNA. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Barclays started coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set 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 price objective for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $64.36.

Insiders Place Their Bets

In other news, insider W. Michael Flanagan sold 12,742 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $416,153.72. Following the transaction, the insider now directly owns 72,647 shares of the company’s stock, valued at approximately $2,372,651.02. This represents a 14.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, October 16th. The stock was 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 of the company’s stock, valued at $4,561,753.36. This trade represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 193,071 shares of company stock valued at $7,474,724. Insiders own 3.68% of the company’s stock.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $31.35 on Wednesday. The business’s 50-day moving average is $42.07 and its 200 day moving average is $42.39. Avidity Biosciences, Inc. has a 1 year low of $8.86 and a 1 year high of $56.00. The firm has a market capitalization of $3.74 billion, a P/E ratio of -10.89 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current 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.