Alps Advisors Inc. Reduces Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Alps Advisors Inc. decreased its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 9.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 87,364 shares of the biotechnology company's stock after selling 9,111 shares during the period. Alps Advisors Inc. owned about 0.07% of Avidity Biosciences worth $2,579,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in RNA. Amalgamated Bank increased its position in Avidity Biosciences by 12.0% in the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock valued at $116,000 after buying an additional 418 shares in the last quarter. Parallel Advisors LLC increased its stake in Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after acquiring an additional 515 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of Avidity Biosciences by 8.0% in the fourth quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock worth $204,000 after purchasing an additional 518 shares during the last quarter. GF Fund Management CO. LTD. lifted its holdings in Avidity Biosciences by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 3,055 shares of the biotechnology company's stock worth $90,000 after buying an additional 550 shares during the period. Finally, Summit Investment Advisors Inc. increased its position in shares of Avidity Biosciences by 6.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,611 shares of the biotechnology company's stock valued at $338,000 after acquiring an additional 666 shares in the last quarter.

Avidity Biosciences Trading Down 5.6%

Shares of NASDAQ RNA traded down $1.87 during midday trading on Tuesday, reaching $31.70. The company's stock had a trading volume of 2,116,927 shares, compared to its average volume of 1,405,388. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The company has a 50 day moving average price of $30.50 and a 200 day moving average price of $30.30. The company has a market cap of $3.82 billion, a price-to-earnings ratio of -10.57 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). The company had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.63 million. Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. Research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wolfe Research initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 target price on the stock. Barclays boosted their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Chardan Capital upped their price objective on shares of Avidity Biosciences from $65.00 to $75.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. JPMorgan Chase & Co. upped their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Finally, Raymond James Financial initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 price target for the company. Sixteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $66.35.

Insiders Place Their Bets

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $32.48, for a total transaction of $190,820.00. Following the transaction, the insider directly owned 50,554 shares in the company, valued at approximately $1,641,993.92. This represents a 10.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider W. Michael Flanagan sold 20,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the sale, the insider directly owned 80,195 shares of the company's stock, valued at approximately $2,636,811.60. This trade represents a 19.96% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,661 shares of company stock valued at $1,066,319. Company insiders own 3.83% 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.