Avidity Biosciences, Inc. (NASDAQ:RNA) Position Lowered by Federated Hermes Inc.

Federated Hermes Inc. trimmed its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 94.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,577 shares of the biotechnology company's stock after selling 25,557 shares during the period. Federated Hermes Inc.'s holdings in Avidity Biosciences were worth $46,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Finepoint Capital LP bought a new stake in Avidity Biosciences in the 4th quarter valued at about $11,379,000. Dynamic Technology Lab Private Ltd bought a new stake in Avidity Biosciences in the 4th quarter valued at about $402,000. ExodusPoint Capital Management LP bought a new stake in Avidity Biosciences in the 4th quarter valued at about $984,000. Bryce Point Capital LLC bought a new stake in Avidity Biosciences in the 4th quarter valued at about $408,000. Finally, Trexquant Investment LP raised its stake in Avidity Biosciences by 383.8% in the 4th quarter. Trexquant Investment LP now owns 76,495 shares of the biotechnology company's stock valued at $2,224,000 after acquiring an additional 60,685 shares during the period.

Insider Buying and Selling at Avidity Biosciences

In other news, CEO Sarah Boyce sold 31,540 shares of the company's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the transaction, the chief executive officer now owns 305,871 shares in the company, valued at approximately $9,500,353.26. This represents a 9.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 transaction of $188,940.00. Following the completion of the transaction, the insider now owns 50,554 shares of the company's stock, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,803 shares of company stock valued at $1,876,027. 3.68% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on RNA. Scotiabank began coverage on Avidity Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 target price for the company. Royal Bank of Canada reissued an "outperform" rating and set a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. HC Wainwright reaffirmed a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target on the stock. Finally, Bank of America reduced their target price on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $66.69.

Avidity Biosciences Stock Performance

Avidity Biosciences stock traded down $0.40 during mid-day trading on Thursday, reaching $30.29. 147,719 shares of the company were exchanged, compared to its average volume of 1,479,884. The business has a fifty day moving average of $29.33 and a 200 day moving average of $34.85. The firm has a market cap of $3.64 billion, a P/E ratio of -10.53 and a beta of 1.01. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) 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 firm had revenue of $2.97 million during the quarter, compared to analysts' expectations of $1.74 million. Sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

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.