By otakuyassine3@gmail.com 
Steward Partners Investment Advisory LLC trimmed its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA – Free Report) by 48.2% in the fourth quarter, HoldingsChannel reports. The firm owned 48,450 shares of the biotechnology company’s stock after selling 45,168 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Avidity Biosciences were worth $1,409,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of RNA. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences in the third quarter valued at $27,000. Van ECK Associates Corp acquired a new position in Avidity Biosciences during the 4th quarter worth about $38,000. Quest Partners LLC increased its position in Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after acquiring an additional 1,392 shares in the last quarter. KBC Group NV increased its position in Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock valued at $130,000 after acquiring an additional 2,226 shares in the last quarter. Finally, US Bancorp DE raised its stake in shares of Avidity Biosciences by 25.2% in the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company’s stock worth $191,000 after acquiring an additional 1,324 shares during the last quarter.
Avidity Biosciences Trading Down 0.2 %
Shares of RNA opened at $30.29 on Monday. The stock has a market cap of $3.64 billion, a P/E ratio of -10.52 and a beta of 1.02. Avidity Biosciences, Inc. has a 1 year low of $20.80 and a 1 year high of $56.00. The stock’s 50-day moving average price is $30.86 and its two-hundred day moving average price is $38.27.
Avidity Biosciences (NASDAQ:RNA – Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The firm had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.
Insiders Place Their Bets
In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction dated Monday, February 3rd. The stock was 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 in the company, valued at $1,625,816.64. This represents a 10.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sarah Boyce sold 31,855 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $1,040,384.30. Following the sale, the chief executive officer now directly owns 265,308 shares in the company, valued at approximately $8,664,959.28. This represents a 10.72 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,138 shares of company stock worth $4,229,012. Company insiders own 3.68% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Friday, February 28th. Scotiabank began coverage on Avidity Biosciences in a research report on Friday. They set a “sector outperform” rating and a $70.00 target price for the company. Barclays decreased their price target on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective 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, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $65.64.
Check Out Our Latest Research Report on Avidity Biosciences
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.
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