Marshall Wace LLP Has $4.74 Million Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Marshall Wace LLP lessened its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 10.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 162,863 shares of the biotechnology company’s stock after selling 19,342 shares during the period. Marshall Wace LLP’s holdings in Avidity Biosciences were worth $4,736,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Van ECK Associates Corp acquired a new position in Avidity Biosciences during the 4th quarter worth approximately $38,000. Headlands Technologies LLC acquired a new position in shares of Avidity Biosciences during the fourth quarter worth approximately $60,000. KBC Group NV lifted its holdings in shares of Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock worth $130,000 after purchasing an additional 2,226 shares in the last quarter. US Bancorp DE grew its position in Avidity Biosciences by 25.2% in the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company’s stock valued at $191,000 after purchasing an additional 1,324 shares during the period. Finally, Virtu Financial LLC bought a new stake in Avidity Biosciences during the 4th quarter valued at $210,000.

Avidity Biosciences Stock Up 0.8 %

Avidity Biosciences stock opened at $30.93 on Friday. The firm has a 50 day moving average price of $29.30 and a 200-day moving average price of $34.76. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The company has a market capitalization of $3.72 billion, a P/E ratio of -10.74 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. Equities analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction that occurred 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 transaction, the insider now directly owns 50,554 shares in the company, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares in the company, valued at approximately $9,500,353.26. This represents a 9.35 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 60,803 shares of company stock worth $1,876,027. Company insiders own 3.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RNA. Citigroup initiated coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Scotiabank started coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price objective for the company. 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, April 9th. Finally, Bank of America decreased their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average 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.