UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 1,524 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 0.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 348,841 shares of the biotechnology company’s stock after selling 1,524 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Avidity Biosciences were worth $16,022,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. California State Teachers Retirement System grew its position in shares of Avidity Biosciences by 10.2% in the 1st quarter. California State Teachers Retirement System now owns 71,574 shares of the biotechnology company’s stock valued at $1,827,000 after buying an additional 6,618 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Avidity Biosciences by 2,083.7% in the 2nd quarter. SG Americas Securities LLC now owns 96,279 shares of the biotechnology company’s stock valued at $3,933,000 after buying an additional 91,870 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Avidity Biosciences in the 2nd quarter valued at about $2,000,000. Hennion & Walsh Asset Management Inc. grew its position in shares of Avidity Biosciences by 8.6% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 79,213 shares of the biotechnology company’s stock valued at $3,236,000 after buying an additional 6,241 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Avidity Biosciences by 32.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock valued at $180,000 after buying an additional 1,076 shares during the last quarter.

Analyst Ratings Changes

A number of research firms have commented on RNA. Royal Bank of Canada began coverage on Avidity Biosciences in a research report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price target on the stock. Evercore ISI reduced their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Barclays assumed coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective on the stock. TD Cowen boosted their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $63.60.

Insider Buying and Selling

In other news, Director Arthur A. Levin sold 3,323 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total value of $139,964.76. Following the completion of the sale, the director now directly owns 14,830 shares of the company’s stock, valued at $624,639.60. This represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares of the company’s stock, valued at approximately $3,036,792. This trade represents a 16.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 150,866 shares of company stock valued at $6,724,557. 3.68% of the stock is owned by company insiders.

Avidity Biosciences Stock Performance

RNA stock opened at $38.27 on Friday. The stock’s 50 day simple moving average is $45.02 and its 200 day simple moving average is $41.67. Avidity Biosciences, Inc. has a fifty-two week low of $6.79 and a fifty-two week high of $56.00. The company has a market cap of $4.57 billion, a P/E ratio of -12.81 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.34 million for the quarter, compared to the consensus estimate of $7.09 million. Equities analysts predict that Avidity Biosciences, Inc. will post -2.84 earnings per share 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.