MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 34,920 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. cut its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 19.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 144,570 shares of the biotechnology company’s stock after selling 34,920 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Avidity Biosciences were worth $4,205,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RNA. Janus Henderson Group PLC increased its position in Avidity Biosciences by 44.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock valued at $205,134,000 after buying an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC bought a new stake in Avidity Biosciences in the 4th quarter valued at about $50,232,000. Wellington Management Group LLP increased its position in Avidity Biosciences by 15.3% in the 4th 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 in the last quarter. Norges Bank bought a new stake in Avidity Biosciences in the 4th quarter valued at about $21,077,000. Finally, Avoro Capital Advisors LLC increased its position in Avidity Biosciences by 9.1% in the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock valued at $218,100,000 after buying an additional 625,000 shares in the last quarter.

Insider Activity at Avidity Biosciences

In related news, insider Steven George Hughes sold 9,578 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the transaction, the insider now owns 72,850 shares in the company, valued at approximately $2,262,721. This represents a 11.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the completion of the transaction, the insider now owns 50,554 shares in the company, valued at approximately $1,406,917.82. The trade was a 10.41% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,803 shares of company stock worth $1,877,437. Insiders own 3.83% of the company’s stock.

Avidity Biosciences Stock Down 0.4%

Shares of NASDAQ RNA opened at $30.22 on Tuesday. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The stock’s 50 day moving average price is $29.17 and its 200-day moving average price is $32.72. The company has a market capitalization of $3.64 billion, a PE ratio of -10.49 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). 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 $1.60 million during the quarter, compared to analysts’ expectations of $2.63 million. As a group, research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on RNA. Barclays decreased their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Scotiabank began coverage on Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective for the company. Bank of America decreased their price objective on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a report on Monday, March 10th. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Chardan Capital reissued a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday, May 7th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $66.38.

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.