Sei Investments Co. Trims Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Sei Investments Co. reduced its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 47.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,554 shares of the biotechnology company's stock after selling 19,149 shares during the period. Sei Investments Co.'s holdings in Avidity Biosciences were worth $627,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. State Street Corp boosted its position in shares of Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock worth $216,151,000 after acquiring an additional 1,386,087 shares in the last quarter. Geode Capital Management LLC raised its position in Avidity Biosciences by 14.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,585,303 shares of the biotechnology company's stock valued at $118,767,000 after purchasing an additional 328,606 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Avidity Biosciences during the 4th quarter worth $5,784,000. Lord Abbett & CO. LLC raised its holdings in shares of Avidity Biosciences by 30.1% in the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock valued at $24,766,000 after buying an additional 124,867 shares during the last quarter. Finally, Barclays PLC raised its holdings in shares of Avidity Biosciences by 68.5% in the third quarter. Barclays PLC now owns 255,699 shares of the biotechnology company's stock valued at $11,743,000 after buying an additional 103,905 shares during the last quarter.

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Insider Buying and Selling

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,872 shares of the business's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the transaction, the director now owns 12,958 shares in the company, valued at $370,598.80. The trade was a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the transaction, the insider now owns 50,554 shares of the company's stock, valued at approximately $1,406,917.82. This represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 79,318 shares of company stock valued at $2,405,390. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Stock Up 6.1 %

Shares of RNA traded up $1.47 during mid-day trading on Friday, hitting $25.58. The company had a trading volume of 1,550,284 shares, compared to its average volume of 1,392,826. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $56.00. The business's 50-day simple moving average is $30.31 and its 200-day simple moving average is $35.74. The stock has a market cap of $3.08 billion, a PE ratio of -8.88 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted 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 for the quarter, compared to analysts' expectations of $1.74 million. On average, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Barclays decreased their price objective on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Bank of America cut their target price on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Chardan Capital reissued a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. BMO Capital Markets assumed coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price on the stock. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences has a consensus rating of "Buy" and an average target price of $66.69.

About Avidity Biosciences

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.