Avidity Biosciences, Inc. (NASDAQ:RNA) Stock Position Raised by Universal Beteiligungs und Servicegesellschaft mbH

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH increased its stake in Avidity Biosciences by 14.0%, owning approximately 185,147 shares valued at $5,466,000 as per its SEC filing.
• Avidity Biosciences has received positive analyst ratings, with several targeting prices between $50 and $68, and a consensus rating of "Buy" based on sixteen analyses.
• Recent insider trading activity included W. Michael Flanagan selling 20,000 shares at an average price of $32.88, marking a significant reduction in his shareholding.

Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 14.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 185,147 shares of the biotechnology company's stock after purchasing an additional 22,784 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH owned approximately 0.15% of Avidity Biosciences worth $5,466,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Amalgamated Bank increased its holdings in shares of Avidity Biosciences by 12.0% during the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after acquiring an additional 418 shares during the last quarter. Parallel Advisors LLC grew its holdings in Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after buying an additional 515 shares in the last quarter. Quantinno Capital Management LP grew its holdings in Avidity Biosciences by 8.0% in the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock valued at $204,000 after buying an additional 518 shares in the last quarter. GF Fund Management CO. LTD. grew its holdings in Avidity Biosciences by 22.0% in the 1st quarter. GF Fund Management CO. LTD. now owns 3,055 shares of the biotechnology company's stock valued at $90,000 after buying an additional 550 shares in the last quarter. Finally, Xponance Inc. grew its holdings in Avidity Biosciences by 7.3% in the 1st quarter. Xponance Inc. now owns 8,536 shares of the biotechnology company's stock valued at $252,000 after buying an additional 579 shares in the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have commented on RNA. The Goldman Sachs Group raised Avidity Biosciences to a "buy" rating and set a $55.00 price objective on the stock in a report on Thursday, July 10th. Wolfe Research initiated coverage on Avidity Biosciences in a report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price objective on the stock. Raymond James Financial initiated coverage on Avidity Biosciences in a research report on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 target price for the company. Evercore ISI reiterated an "outperform" rating and set a $70.00 target price on shares of Avidity Biosciences in a research report on Friday, July 11th. Finally, HC Wainwright cut their target price on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Sixteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Avidity Biosciences has a consensus rating of "Buy" and an average price target of $66.35.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA traded down $1.71 during mid-day trading on Monday, hitting $34.56. The stock had a trading volume of 3,586,177 shares, compared to its average volume of 2,300,459. The company has a 50 day moving average of $31.55 and a two-hundred day moving average of $30.56. The firm has a market cap of $4.17 billion, a PE ratio of -11.52 and a beta of 0.91. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. The company had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. Equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 911 shares of the business's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $30.24, for a total transaction of $27,548.64. Following the completion of the transaction, the insider owned 50,392 shares in the company, valued at approximately $1,523,854.08. The trade was a 1.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider W. Michael Flanagan sold 20,000 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total transaction of $657,600.00. Following the completion of the sale, the insider directly owned 80,195 shares of the company's stock, valued at approximately $2,636,811.60. This trade represents a 19.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,661 shares of company stock valued at $1,066,319 in the last quarter. 3.83% of the stock is owned by insiders.

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.