Universal Beteiligungs und Servicegesellschaft mbH Buys New Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 162,363 shares of the biotechnology company's stock, valued at approximately $4,722,000. Universal Beteiligungs und Servicegesellschaft mbH owned about 0.14% of Avidity Biosciences as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Janus Henderson Group PLC lifted its position in shares of 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 buying an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC acquired a new position in Avidity Biosciences during the fourth quarter worth $50,232,000. Wellington Management Group LLP increased its stake 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 buying an additional 1,075,148 shares during the period. Norges Bank purchased a new position in Avidity Biosciences in the fourth quarter valued at $21,077,000. Finally, Avoro Capital Advisors LLC grew its position in shares of Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock worth $218,100,000 after buying an additional 625,000 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on RNA shares. Bank of America lowered their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a report on Monday, March 10th. Scotiabank assumed 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 on the stock. HC Wainwright cut their price objective 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. Barclays decreased their price target on 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, Citigroup began 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 for the company. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences currently has an average rating of "Buy" and a consensus price target of $66.38.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA traded up $0.13 during mid-day trading on Wednesday, reaching $34.54. 876,016 shares of the company traded hands, compared to its average volume of 1,438,627. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The company's fifty day moving average is $29.07 and its two-hundred day moving average is $31.63. The stock has a market cap of $4.16 billion, a PE ratio of -11.99 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted 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). The business 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%. Research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the company'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 sale, the insider now owns 50,554 shares in the company, valued at approximately $1,637,949.60. This represents a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of the firm'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 $979,632.40. Following the transaction, the chief executive officer now directly owns 305,871 shares in the company, valued at approximately $9,500,353.26. This represents a 9.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,803 shares of company stock worth $1,877,437 over the last 90 days. Insiders own 3.83% of the company's stock.

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.