Avidity Biosciences, Inc. (NASDAQ:RNA) Stock Position Lowered by Man Group plc

Man Group plc decreased its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 53.6% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 422,421 shares of the biotechnology company's stock after selling 487,710 shares during the period. Man Group plc owned approximately 0.35% of Avidity Biosciences worth $12,284,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Barclays PLC boosted its holdings in Avidity Biosciences by 68.5% in the 3rd quarter. Barclays PLC now owns 255,699 shares of the biotechnology company's stock worth $11,743,000 after acquiring an additional 103,905 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Avidity Biosciences during the 4th quarter valued at $1,179,000. Aaron Wealth Advisors LLC grew its holdings in Avidity Biosciences by 6.6% during the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company's stock valued at $236,000 after purchasing an additional 504 shares in the last quarter. KBC Group NV increased its stake in Avidity Biosciences by 99.0% during the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after buying an additional 2,226 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in Avidity Biosciences by 12.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 25,298 shares of the biotechnology company's stock worth $736,000 after buying an additional 2,772 shares in the last quarter.

Insider Activity

In other Avidity Biosciences news, CEO Sarah Boyce sold 31,540 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares of the company's stock, valued at $9,500,353.26. The trade was a 9.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction 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 transaction, the insider now directly owns 50,554 shares in the company, valued at $1,406,917.82. This trade represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,803 shares of company stock valued at $1,877,437. 3.83% of the stock is currently owned by company insiders.

Avidity Biosciences Trading Down 3.2%

NASDAQ RNA traded down $1.02 during trading hours on Wednesday, reaching $30.62. The company's stock had a trading volume of 1,371,898 shares, compared to its average volume of 1,436,757. The business has a 50-day simple moving average of $29.16 and a 200 day simple moving average of $32.71. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The stock has a market cap of $3.69 billion, a PE ratio of -10.63 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.63 million. As a group, equities analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RNA shares. HC Wainwright dropped their target price on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Citigroup started coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 target price for the company. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target for the company. Barclays dropped their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $67.00 target price on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $66.38.

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.