Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 19.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,570 shares of the biotechnology company's stock after selling 34,920 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.12% of Avidity Biosciences worth $4,205,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aaron Wealth Advisors LLC grew its stake in shares of Avidity Biosciences by 6.6% in the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company's stock valued at $236,000 after acquiring an additional 504 shares in the last quarter. New York State Common Retirement Fund lifted its position in Avidity Biosciences by 0.3% during the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock worth $5,374,000 after purchasing an additional 598 shares during the period. Summit Investment Advisors Inc. lifted its holdings in shares of Avidity Biosciences by 6.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,611 shares of the biotechnology company's stock worth $338,000 after acquiring an additional 666 shares during the last quarter. Xponance Inc. lifted its holdings in shares of Avidity Biosciences by 11.0% in the fourth quarter. Xponance Inc. now owns 7,957 shares of the biotechnology company's stock worth $231,000 after acquiring an additional 791 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Avidity Biosciences by 0.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,855 shares of the biotechnology company's stock worth $6,335,000 after acquiring an additional 830 shares during the last quarter.

Insider Transactions at Avidity Biosciences

In related news, CFO Michael F. Maclean sold 7,935 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $246,461.10. Following the transaction, the chief financial officer now directly owns 96,720 shares of the company's stock, valued at $3,004,123.20. This represents a 7.58% decrease in their position. The sale 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 company's stock in a transaction dated 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 represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,803 shares of company stock worth $1,877,437. 3.83% of the stock is currently owned by company insiders.

Avidity Biosciences Price Performance

Shares of RNA stock traded up $0.19 during trading hours on Thursday, reaching $30.81. 662,057 shares of the company traded hands, compared to its average volume of 1,438,568. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The company has a market cap of $3.71 billion, a P/E ratio of -10.70 and a beta of 1.00. The firm has a 50-day moving average price of $29.15 and a 200 day moving average price of $32.70.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its 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 net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.63 million. Sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Analyst Upgrades and Downgrades

RNA has been the subject of a number of research reports. Scotiabank assumed coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. Bank of America reduced their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Chardan Capital reissued a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, May 7th. Barclays reduced 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 report on Friday, February 28th. Finally, Needham & Company LLC restated a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $66.38.

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.