Federated Hermes Inc. Has $46,000 Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Federated Hermes Inc. lessened its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 94.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,577 shares of the biotechnology company's stock after selling 25,557 shares during the quarter. Federated Hermes Inc.'s holdings in Avidity Biosciences were worth $46,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. HighTower Advisors LLC bought a new stake in shares of Avidity Biosciences during the 3rd quarter worth about $498,000. Stifel Financial Corp acquired a new stake in Avidity Biosciences in the 3rd quarter worth approximately $368,000. Barclays PLC grew its holdings in Avidity Biosciences by 68.5% during the third quarter. Barclays PLC now owns 255,699 shares of the biotechnology company's stock valued at $11,743,000 after purchasing an additional 103,905 shares during the last quarter. Tidal Investments LLC bought a new position in shares of Avidity Biosciences in the third quarter valued at approximately $407,000. Finally, Franklin Resources Inc. raised its position in shares of Avidity Biosciences by 229.9% in the third quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company's stock valued at $3,412,000 after purchasing an additional 50,908 shares during the period.

Insiders Place Their Bets

In other news, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction dated 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 directly owns 305,871 shares in the company, valued at $9,500,353.26. This represents a 9.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated 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 in the company, valued at approximately $1,625,816.64. This represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,803 shares of company stock worth $1,876,027. Corporate insiders own 3.68% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RNA shares. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price on the stock. Scotiabank began coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective on the stock. Royal Bank of Canada restated an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Citigroup began coverage on Avidity Biosciences in a research report on Thursday, March 13th. They issued a "buy" rating and a $70.00 price target on the stock. Finally, Chardan Capital reissued a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $66.69.

Avidity Biosciences Price Performance

Shares of RNA traded up $0.93 during trading hours on Tuesday, hitting $29.45. The stock had a trading volume of 1,755,004 shares, compared to its average volume of 1,406,214. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The company's fifty day moving average is $29.44 and its two-hundred day moving average is $34.92. The stock has a market capitalization of $3.54 billion, a price-to-earnings ratio of -10.23 and a beta of 1.01.

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

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.