Steward Partners Investment Advisory LLC Trims Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Steward Partners Investment Advisory LLC trimmed its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 48.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,450 shares of the biotechnology company's stock after selling 45,168 shares during the quarter. Steward Partners Investment Advisory LLC's holdings in Avidity Biosciences were worth $1,409,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in RNA. PEAK6 Investments LLC increased its position in Avidity Biosciences by 4.9% during the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company's stock worth $337,000 after purchasing an additional 343 shares during the last quarter. Aaron Wealth Advisors LLC grew its stake in shares of Avidity Biosciences by 6.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company's stock valued at $236,000 after buying an additional 504 shares during the period. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $27,000. New York State Common Retirement Fund raised its position in shares of Avidity Biosciences by 0.3% during the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock valued at $5,374,000 after buying an additional 598 shares during the period. Finally, Van ECK Associates Corp acquired a new position in Avidity Biosciences in the fourth quarter valued at approximately $38,000.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. BMO Capital Markets assumed coverage on Avidity Biosciences in a research note on Wednesday. They set an "outperform" rating and a $72.00 target price for the company. Needham & Company LLC reissued a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Chardan Capital reaffirmed a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Friday, February 28th. HC Wainwright reaffirmed a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Friday, January 10th. Finally, Barclays reduced 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. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $66.69.

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Avidity Biosciences Stock Down 1.1 %

RNA stock traded down $0.37 during midday trading on Thursday, hitting $32.24. The company's stock had a trading volume of 1,471,799 shares, compared to its average volume of 1,320,709. The firm has a market capitalization of $3.88 billion, a P/E ratio of -11.20 and a beta of 1.02. The firm has a 50-day simple moving average of $30.96 and a 200-day simple moving average of $38.04. Avidity Biosciences, Inc. has a 52-week low of $21.56 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced 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). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.97 million during 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 fiscal year.

Insiders Place Their Bets

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction 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 transaction, the insider now owns 50,554 shares in the company, valued at approximately $1,625,816.64. This represents a 10.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Michael F. Maclean sold 3,287 shares of the business's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $93,975.33. Following the completion of 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 disclosure for this sale can be found here. Insiders sold 105,138 shares of company stock worth $3,370,532 in the last 90 days. Corporate insiders own 3.68% of the company's stock.

Avidity Biosciences Company 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.