Alliancebernstein L.P. Has $3.72 Million Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Alliancebernstein L.P. lowered its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 25.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 127,770 shares of the biotechnology company's stock after selling 42,914 shares during the period. Alliancebernstein L.P. owned 0.11% of Avidity Biosciences worth $3,716,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Wellington Management Group LLP raised its holdings in shares of Avidity Biosciences by 15.3% during the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock worth $235,725,000 after purchasing an additional 1,075,148 shares during the period. Norges Bank bought a new position in Avidity Biosciences in the fourth quarter worth about $21,077,000. Geode Capital Management LLC boosted its stake in Avidity Biosciences by 14.6% in the third quarter. Geode Capital Management LLC now owns 2,585,303 shares of the biotechnology company's stock valued at $118,767,000 after acquiring an additional 328,606 shares during the period. Vanguard Group Inc. grew its holdings in shares of Avidity Biosciences by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock valued at $274,280,000 after purchasing an additional 205,027 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $5,784,000.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RNA shares. Barclays lowered their price objective on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. Citigroup began coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a "buy" rating and a $70.00 price objective on the stock. HC Wainwright reissued a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Chardan Capital restated a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, BMO Capital Markets assumed coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price objective for the company. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $66.69.

Avidity Biosciences Stock Up 3.5 %

RNA stock traded up $0.90 during trading hours on Friday, hitting $26.66. The company's stock had a trading volume of 1,530,663 shares, compared to its average volume of 1,405,137. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The stock has a 50 day moving average price of $29.50 and a two-hundred day moving average price of $35.14. The company has a market capitalization of $3.20 billion, a PE ratio of -9.26 and a beta of 1.01.

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). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Buying and Selling at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 3,287 shares of the firm's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the sale, the chief financial officer now directly owns 104,655 shares of the company's stock, valued at approximately $2,992,086.45. This trade represents a 3.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at $1,406,917.82. This represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 79,318 shares of company stock worth $2,405,390 over the last 90 days. 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.