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

Invesco Ltd. reduced its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 69.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 94,763 shares of the biotechnology company’s stock after selling 215,593 shares during the quarter. Invesco Ltd.’s holdings in Avidity Biosciences were worth $2,756,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Avidity Biosciences by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock valued at $274,280,000 after buying an additional 205,027 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Avidity Biosciences by 15.3% during the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock valued at $235,725,000 after buying an additional 1,075,148 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Avidity Biosciences by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 2,807,455 shares of the biotechnology company’s stock valued at $82,832,000 after buying an additional 222,152 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Avidity Biosciences by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,028,931 shares of the biotechnology company’s stock valued at $29,921,000 after buying an additional 38,749 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its holdings in Avidity Biosciences by 1.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 799,028 shares of the biotechnology company’s stock worth $23,236,000 after purchasing an additional 12,548 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, April 9th. Barclays dropped their target price on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Citigroup assumed coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price on the stock. Bank of America dropped their target price on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Finally, HC Wainwright restated a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $66.69.

Insider Activity at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the transaction, the insider now owns 50,554 shares in the company, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sarah Boyce sold 31,540 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the completion of the sale, the chief executive officer now owns 305,871 shares in the company, valued at approximately $9,500,353.26. The trade was a 9.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,803 shares of company stock worth $1,876,027. 3.68% of the stock is owned by corporate insiders.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $31.20 on Tuesday. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $56.00. The firm has a fifty day moving average price of $29.27 and a 200-day moving average price of $34.41. The company has a market cap of $3.75 billion, a price-to-earnings ratio of -10.83 and a beta of 1.01.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.74 million. Equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS 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.