Bank of America Corp DE Has $5.19 Million Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Bank of America Corp DE lessened its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 86.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 178,588 shares of the biotechnology company's stock after selling 1,164,431 shares during the quarter. Bank of America Corp DE owned about 0.15% of Avidity Biosciences worth $5,193,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. TD Waterhouse Canada Inc. increased its holdings in shares of Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 866 shares in the last quarter. Van ECK Associates Corp bought a new stake in shares of Avidity Biosciences in the fourth quarter worth about $38,000. Headlands Technologies LLC bought a new stake in shares of Avidity Biosciences in the fourth quarter worth about $60,000. KBC Group NV increased its holdings in shares of Avidity Biosciences by 99.0% in the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after acquiring an additional 2,226 shares in the last quarter. Finally, US Bancorp DE increased its holdings in shares of Avidity Biosciences by 25.2% in the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after acquiring an additional 1,324 shares in the last quarter.

Insider Activity at Avidity Biosciences

In other news, CEO Sarah Boyce sold 31,540 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the sale, the chief executive officer now directly owns 305,871 shares of the company's stock, valued at $9,500,353.26. This trade represents a 9.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the sale, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,406,917.82. The trade was a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,803 shares of company stock valued at $1,877,437. Insiders own 3.83% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. HC Wainwright lowered their price target on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a report on Monday, May 12th. Citigroup assumed coverage on Avidity Biosciences in a report on Thursday, March 13th. They issued a "buy" rating and a $70.00 price target for the company. Scotiabank started coverage on Avidity Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price target for the company. Chardan Capital reiterated a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday, May 7th. Finally, Bank of America decreased their price objective on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a report on Monday, March 10th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $66.38.

Avidity Biosciences Stock Performance

NASDAQ RNA traded up $0.80 during trading hours on Thursday, hitting $31.70. 1,003,498 shares of the company traded hands, compared to its average volume of 1,434,568. The business's 50-day moving average is $29.06 and its 200-day moving average is $32.16. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of -11.01 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). 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 $1.60 million for the quarter, compared to analyst estimates of $2.63 million. Analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Avidity Biosciences 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.