China Universal Asset Management Co. Ltd. Decreases Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

China Universal Asset Management Co. Ltd. cut its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 26.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,235 shares of the biotechnology company’s stock after selling 4,064 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Avidity Biosciences were worth $459,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RNA. Nisa Investment Advisors LLC grew its position in Avidity Biosciences by 15,900.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 3,180 shares during the period. Quadrant Capital Group LLC grew its holdings in shares of Avidity Biosciences by 456.9% in the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after acquiring an additional 2,714 shares during the period. Privium Fund Management B.V. purchased a new stake in Avidity Biosciences during the first quarter valued at $205,000. Janney Montgomery Scott LLC purchased a new position in Avidity Biosciences in the first quarter worth about $221,000. Finally, Daiwa Securities Group Inc. grew its stake in shares of Avidity Biosciences by 43.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 10,537 shares of the biotechnology company’s stock valued at $95,000 after purchasing an additional 3,182 shares during the period.

Insider Buying and Selling

In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $27.42, for a total transaction of $767,760.00. Following the completion of the transaction, the chief executive officer now owns 112,117 shares of the company’s stock, valued at approximately $3,074,248.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $27.42, for a total value of $767,760.00. Following the sale, the chief executive officer now owns 112,117 shares of the company’s stock, valued at approximately $3,074,248.14. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Michael F. Maclean sold 104,245 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $35.72, for a total value of $3,723,631.40. Following the transaction, the chief financial officer now owns 44,093 shares of the company’s stock, valued at $1,575,001.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 402,478 shares of company stock worth $15,221,490. 3.68% of the stock is owned by insiders.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock traded down $1.46 during trading hours on Tuesday, hitting $43.94. The company’s stock had a trading volume of 119,683 shares, compared to its average volume of 1,324,504. Avidity Biosciences, Inc. has a 12-month low of $4.82 and a 12-month high of $48.80. The business has a 50 day moving average price of $42.16 and a two-hundred day moving average price of $29.57. The company has a market cap of $4.20 billion, a PE ratio of -14.87 and a beta of 0.90.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The company had revenue of $2.05 million for the quarter, compared to analysts’ expectations of $7.09 million. As a group, research analysts anticipate that Avidity Biosciences, Inc. will post -2.93 earnings per share for the current year.

Analysts Set New Price Targets

RNA has been the topic of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a report on Tuesday, August 13th. Evercore ISI increased their price target on shares of Avidity Biosciences from $45.00 to $54.00 and gave the stock an “outperform” rating in a research report on Monday, August 12th. Bank of America boosted their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Finally, Chardan Capital raised their target price on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $54.83.

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.