Invesco Ltd. Sells 215,593 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Invesco Ltd. lowered its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 69.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 94,763 shares of the biotechnology company's stock after selling 215,593 shares during the period. Invesco Ltd. owned about 0.08% of Avidity Biosciences worth $2,756,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RNA. Wellington Management Group LLP grew 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 valued at $235,725,000 after acquiring an additional 1,075,148 shares during the period. Norges Bank bought a new stake in Avidity Biosciences during the fourth quarter valued at about $21,077,000. Finepoint Capital LP bought a new stake in Avidity Biosciences during the fourth quarter valued at about $11,379,000. Geode Capital Management LLC increased its position in Avidity Biosciences by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 2,807,455 shares of the biotechnology company's stock worth $82,832,000 after buying an additional 222,152 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after buying an additional 205,027 shares during the period.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RNA. Needham & Company LLC reissued a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, April 9th. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They set an "outperform" rating and a $72.00 target price on the stock. Bank of America cut their price target on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Scotiabank initiated coverage on 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. Finally, Barclays cut their target price on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $66.69.

Avidity Biosciences Stock Performance

RNA stock traded down $0.49 during trading on Friday, hitting $32.20. 1,233,092 shares of the company's stock traded hands, compared to its average volume of 1,414,969. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The stock has a market capitalization of $3.87 billion, a price-to-earnings ratio of -11.18 and a beta of 1.01. The business has a fifty day simple moving average of $29.39 and a 200 day simple moving average of $34.08.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.97 million during the quarter, compared to analysts' expectations of $1.74 million. Research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $32.40, for a total transaction of $190,350.00. Following the transaction, the insider now directly owns 50,554 shares in the company, valued at approximately $1,637,949.60. This represents a 10.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michael F. Maclean sold 7,935 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 $246,461.10. Following the completion of the sale, the chief financial officer now directly owns 96,720 shares of the company's stock, valued at approximately $3,004,123.20. The trade was a 7.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,678 shares of company stock valued at $2,066,377. 3.68% of the stock is currently owned by insiders.

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.