Avidity Biosciences, Inc. (NASDAQ:RNA) Position Increased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA grew its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 1.6% during the fourth quarter, Holdings Channel reports. The firm owned 799,028 shares of the biotechnology company’s stock after acquiring an additional 12,548 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Avidity Biosciences were worth $23,236,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Y Intercept Hong Kong Ltd bought a new position in Avidity Biosciences during the 4th quarter worth $386,000. Lord Abbett & CO. LLC boosted its holdings in shares of Avidity Biosciences by 30.1% during the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock valued at $24,766,000 after acquiring an additional 124,867 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Avidity Biosciences by 24.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock worth $45,479,000 after acquiring an additional 197,065 shares during the last quarter. RA Capital Management L.P. increased its holdings in shares of Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after acquiring an additional 900,000 shares during the period. Finally, Neo Ivy Capital Management bought a new stake in Avidity Biosciences in the 3rd quarter valued at about $762,000.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $29.52 on Tuesday. Avidity Biosciences, Inc. has a 52 week low of $21.56 and a 52 week high of $56.00. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of -10.25 and a beta of 1.02. The company has a 50 day moving average price of $31.54 and a 200 day moving average price of $37.06.

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

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 1,872 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the sale, the director now directly owns 12,958 shares of the company’s stock, valued at $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares in the company, valued at $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,443 shares of company stock worth $2,241,889. 3.68% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have commented on RNA. Bank of America decreased their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, March 10th. BMO Capital Markets began coverage on Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 price objective for the company. Citigroup initiated coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 target price on the stock. Chardan Capital reiterated a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $66.69.

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.