XTX Topco Ltd Grows Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

XTX Topco Ltd increased its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 47.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 8,889 shares of the biotechnology company’s stock after acquiring an additional 2,852 shares during the quarter. XTX Topco Ltd’s holdings in Avidity Biosciences were worth $258,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Wellington Management Group LLP increased its stake in Avidity Biosciences by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock worth $235,725,000 after buying an additional 1,075,148 shares during the period. Norges Bank purchased a new stake in shares of Avidity Biosciences in the 4th quarter valued at about $21,077,000. Finepoint Capital LP acquired a new stake in shares of Avidity Biosciences in the fourth quarter valued at approximately $11,379,000. Geode Capital Management LLC grew its position in Avidity Biosciences by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 2,807,455 shares of the biotechnology company’s stock worth $82,832,000 after purchasing an additional 222,152 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Avidity Biosciences by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock valued at $274,280,000 after acquiring an additional 205,027 shares during the period.

Avidity Biosciences Stock Performance

RNA stock opened at $30.84 on Friday. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $56.00. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of -10.71 and a beta of 1.01. The stock’s fifty day moving average is $29.28 and its two-hundred day moving average is $34.66.

Avidity Biosciences (NASDAQ:RNA) last posted 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 net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. As a group, analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Scotiabank started coverage on Avidity Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 target price on the stock. Bank of America cut their price objective on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Barclays decreased their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Finally, Citigroup started coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective for the company. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $66.69.

Insider Transactions at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the company’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 value of $188,940.00. Following the completion of the sale, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. This represents a 10.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $979,632.40. Following the completion of the transaction, the chief executive officer now owns 305,871 shares of the company’s stock, valued at $9,500,353.26. This trade represents a 9.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,803 shares of company stock worth $1,876,027. Company insiders own 3.68% 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.