Alliancebernstein L.P. Cuts Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Alliancebernstein L.P. trimmed its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 25.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 127,770 shares of the biotechnology company’s stock after selling 42,914 shares during the quarter. Alliancebernstein L.P. owned about 0.11% of Avidity Biosciences worth $3,716,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd bought a new stake in shares of Avidity Biosciences in the 4th quarter worth about $386,000. Lord Abbett & CO. LLC grew its position in Avidity Biosciences by 30.1% in the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after acquiring an additional 124,867 shares in the last quarter. Vanguard Group Inc. increased its stake in Avidity Biosciences by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock worth $274,280,000 after acquiring an additional 205,027 shares during the last quarter. Bank of New York Mellon Corp raised its position in Avidity Biosciences by 19.5% during the fourth quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company’s stock valued at $10,557,000 after purchasing an additional 59,295 shares during the period. Finally, Franklin Resources Inc. lifted its stake in shares of Avidity Biosciences by 229.9% in the 3rd quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company’s stock valued at $3,412,000 after purchasing an additional 50,908 shares during the last quarter.

Avidity Biosciences Stock Up 5.2 %

Shares of NASDAQ RNA opened at $26.91 on Tuesday. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The business has a fifty day simple moving average of $30.15 and a two-hundred day simple moving average of $35.63. The firm has a market cap of $3.23 billion, a PE ratio of -9.34 and a beta of 1.01.

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

Insider Activity

In other news, insider Teresa Mccarthy sold 2,959 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $84,597.81. Following the completion of the transaction, the insider now directly owns 104,908 shares of the company’s stock, valued at approximately $2,999,319.72. The trade was a 2.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Arthur A. Levin sold 1,872 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the sale, the director now directly owns 12,958 shares in the company, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,318 shares of company stock worth $2,405,390. 3.68% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

RNA has been the subject of a number of recent research reports. Bank of America cut their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Barclays reduced their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, HC Wainwright reissued a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and a consensus price target of $66.69.

About Avidity Biosciences

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.