Avidity Biosciences, Inc. (NASDAQ:RNA) Stock Position Trimmed by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 4.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 332,389 shares of the biotechnology company's stock after selling 16,452 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.28% of Avidity Biosciences worth $9,666,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of RNA. Price T Rowe Associates Inc. MD increased its holdings in shares of Avidity Biosciences by 3.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock worth $321,127,000 after buying an additional 408,861 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after purchasing an additional 205,027 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Avidity Biosciences by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company's stock worth $235,725,000 after purchasing an additional 1,075,148 shares during the last quarter. Avoro Capital Advisors LLC lifted its position in Avidity Biosciences by 9.1% in the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock valued at $218,100,000 after acquiring an additional 625,000 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in Avidity Biosciences by 44.1% in the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock valued at $205,134,000 after acquiring an additional 2,156,844 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. BMO Capital Markets started coverage on shares of Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price for the company. Chardan Capital reaffirmed a "buy" rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, May 7th. Citigroup assumed coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price objective on the stock. Barclays cut their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Finally, Scotiabank started coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $66.38.

Insider Activity

In other news, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences 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 completion of the transaction, the insider now directly owns 72,850 shares of the company's stock, valued at approximately $2,262,721. The trade was a 11.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences 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 completion of the sale, the insider now owns 50,554 shares in the company, valued at approximately $1,641,993.92. This represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 66,678 shares of company stock valued at $2,068,257. Company insiders own 3.83% of the company's stock.

Avidity Biosciences Trading Down 0.6%

RNA stock traded down $0.19 during mid-day trading on Wednesday, hitting $34.22. 1,351,979 shares of the company were exchanged, compared to its average volume of 1,442,225. The company has a market capitalization of $4.12 billion, a PE ratio of -11.88 and a beta of 1.00. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The firm has a fifty day simple moving average of $29.12 and a 200 day simple moving average of $31.65.

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