Alps Advisors Inc. Sells 9,111 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Alps Advisors Inc. reduced its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 9.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 87,364 shares of the biotechnology company's stock after selling 9,111 shares during the quarter. Alps Advisors Inc. owned approximately 0.07% of Avidity Biosciences worth $2,579,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RNA. Bank of New York Mellon Corp increased its position in shares of Avidity Biosciences by 19.5% during the fourth quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company's stock worth $10,557,000 after buying an additional 59,295 shares during the period. US Bancorp DE increased its position in shares of Avidity Biosciences by 25.2% during the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after buying an additional 1,324 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Avidity Biosciences by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,028,931 shares of the biotechnology company's stock worth $29,921,000 after buying an additional 38,749 shares during the period. Victory Capital Management Inc. increased its position in shares of Avidity Biosciences by 15.4% during the fourth quarter. Victory Capital Management Inc. now owns 38,308 shares of the biotechnology company's stock worth $1,114,000 after buying an additional 5,124 shares during the period. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth $1,758,000.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RNA. Barclays increased their price objective 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. Wolfe Research began coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Needham & Company LLC restated a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, April 9th. Finally, Bank of America raised their price target on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Sixteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Avidity Biosciences has a consensus rating of "Buy" and a consensus price target of $66.35.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock traded down $0.02 during trading hours on Friday, reaching $31.45. The company's stock had a trading volume of 4,551,907 shares, compared to its average volume of 1,391,604. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The company has a market capitalization of $3.79 billion, a P/E ratio of -10.48 and a beta of 0.91. The stock's fifty day simple moving average is $30.47 and its two-hundred day simple moving average is $30.29.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released 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). Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. The firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.63 million. As a group, research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were 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 of the company's stock, valued at $1,641,993.92. This trade represents a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider W. Michael Flanagan sold 20,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total transaction of $657,600.00. Following the transaction, the insider directly owned 80,195 shares in the company, valued at $2,636,811.60. The trade was a 19.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,661 shares of company stock worth $1,066,319 over the last three months. 3.83% of the stock is owned by insiders.

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.