Universal Beteiligungs und Servicegesellschaft mbH Grows Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

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 lifted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 14.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 185,147 shares of the biotechnology company's stock after buying an additional 22,784 shares during the quarter. Universal Beteiligungs und Servicegesellschaft mbH owned 0.15% of Avidity Biosciences worth $5,466,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of RNA. Janus Henderson Group PLC boosted its position in Avidity Biosciences by 44.1% during the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock valued at $205,134,000 after purchasing an additional 2,156,844 shares during the period. Boxer Capital Management LLC acquired a new position in Avidity Biosciences during the 4th quarter worth $50,232,000. Wellington Management Group LLP boosted its position in 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 acquiring an additional 1,075,148 shares during the period. Norges Bank acquired a new position in Avidity Biosciences during the 4th quarter worth $21,077,000. Finally, Avoro Capital Advisors LLC boosted its position in Avidity Biosciences by 9.1% during the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock worth $218,100,000 after acquiring an additional 625,000 shares during the period.

Insiders Place Their Bets

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $32.48, for a total transaction of $190,820.00. Following the sale, the insider owned 50,554 shares in the company, valued at $1,641,993.92. The trade was a 10.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider W. Michael Flanagan sold 20,000 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the sale, the insider owned 80,195 shares in the company, valued at $2,636,811.60. This represents a 19.96% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,786 shares of company stock worth $875,969. Corporate insiders own 3.83% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on RNA. The Goldman Sachs Group raised Avidity Biosciences to a "buy" rating and set a $55.00 price target on the stock in a research report on Thursday, July 10th. Needham & Company LLC reissued a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Wolfe Research assumed coverage on Avidity Biosciences in a research report on Tuesday, June 17th. They set an "outperform" rating and a $55.00 price target on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $96.00 target price on shares of Avidity Biosciences in a research report on Friday, June 27th. Finally, Sanford C. Bernstein assumed coverage on Avidity Biosciences in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 target price on the stock. Sixteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $66.35.

Avidity Biosciences Stock Performance

RNA stock traded up $0.31 during midday trading on Thursday, hitting $37.19. 520,594 shares of the company's stock were exchanged, compared to its average volume of 1,612,793. The stock's fifty day moving average price is $31.76 and its 200-day moving average price is $30.64. The company has a market cap of $4.48 billion, a PE ratio of -12.38 and a beta of 0.91. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00.

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

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.