Nuveen Asset Management LLC Has $10.25 Million Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Nuveen Asset Management LLC lessened its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 66.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 352,498 shares of the biotechnology company's stock after selling 706,062 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.30% of Avidity Biosciences worth $10,251,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. TD Waterhouse Canada Inc. lifted its position in Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 866 shares during the period. Van ECK Associates Corp bought a new position in shares of Avidity Biosciences during the fourth quarter valued at $38,000. Headlands Technologies LLC bought a new stake in Avidity Biosciences in the 4th quarter worth about $60,000. KBC Group NV increased its holdings in Avidity Biosciences by 99.0% in 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 in the last quarter. Finally, US Bancorp DE boosted its position in 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 purchasing an additional 1,324 shares during the last quarter.

Avidity Biosciences Trading Up 2.6%

RNA stock traded up $0.80 during trading on Thursday, hitting $31.70. 1,003,498 shares of the company's stock were exchanged, compared to its average volume of 1,434,568. 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, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00. The business has a 50-day moving average price of $29.06 and a two-hundred day moving average price of $32.16.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $2.63 million. On average, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $32.40, for a total transaction of $190,350.00. Following the completion of the sale, the insider now directly owns 50,554 shares in the company, valued at $1,637,949.60. This trade represents a 10.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven George Hughes sold 9,578 shares of the firm's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $297,492.68. Following the sale, the insider now owns 72,850 shares of the company's stock, valued at $2,262,721. This represents a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,803 shares of company stock worth $1,877,437. 3.83% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on RNA shares. HC Wainwright lowered their price objective 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 initiated coverage on Avidity Biosciences in a report on Thursday, March 13th. They set a "buy" rating and a $70.00 price objective on the stock. Scotiabank initiated coverage on Avidity Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 target price on the stock. Chardan Capital reissued a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, May 7th. Finally, Barclays cut their price objective on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price 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.