Bank of New York Mellon Corp Grows Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Bank of New York Mellon Corp lifted its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 366,594 shares of the biotechnology company’s stock after buying an additional 3,577 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.30% of Avidity Biosciences worth $10,822,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RNA. Amalgamated Bank boosted its stake in Avidity Biosciences by 12.0% in the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock worth $116,000 after purchasing an additional 418 shares in the last quarter. Parallel Advisors LLC boosted its stake in Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after purchasing an additional 515 shares in the last quarter. Quantinno Capital Management LP boosted its stake in Avidity Biosciences by 8.0% in the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock worth $204,000 after purchasing an additional 518 shares in the last quarter. GF Fund Management CO. LTD. boosted its stake in Avidity Biosciences by 22.0% in the 1st quarter. GF Fund Management CO. LTD. now owns 3,055 shares of the biotechnology company’s stock worth $90,000 after purchasing an additional 550 shares in the last quarter. Finally, Summit Investment Advisors Inc. boosted its stake in Avidity Biosciences by 6.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,611 shares of the biotechnology company’s stock worth $338,000 after purchasing an additional 666 shares in the last quarter.

Analyst Upgrades and Downgrades

RNA has been the topic of a number of analyst reports. Bank of America upped their price target on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Barclays upped their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 10th. Raymond James Financial assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, June 11th. They set a “strong-buy” rating and a $65.00 target price on the stock. Wolfe Research assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, June 17th. They set an “outperform” rating and a $55.00 target price on the stock. Finally, Sanford C. Bernstein assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, June 24th. They set an “outperform” rating and a $50.00 target price on the stock. Sixteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $66.35.

Avidity Biosciences Trading Down 0.8%

NASDAQ:RNA opened at $33.76 on Monday. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The company has a market cap of $4.07 billion, a price-to-earnings ratio of -11.25 and a beta of 0.91. The stock has a fifty day simple moving average of $30.98 and a 200-day simple moving average of $30.40.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 26.96% and a negative net margin of 4,136.00%. The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.63 million. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 911 shares of the firm’s stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $30.24, for a total transaction of $27,548.64. Following the transaction, the insider owned 50,392 shares in the company, valued at approximately $1,523,854.08. This trade represents a 1.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider W. Michael Flanagan sold 20,000 shares of the firm’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the transaction, the insider owned 80,195 shares in the company, valued at approximately $2,636,811.60. This represents a 19.96% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,661 shares of company stock valued at $1,066,319. Corporate insiders own 3.83% of the company’s stock.

Avidity Biosciences 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.