Corebridge Financial Inc. Sells 2,592 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Corebridge Financial Inc. trimmed its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 4.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 55,180 shares of the biotechnology company’s stock after selling 2,592 shares during the quarter. Corebridge Financial Inc.’s holdings in Avidity Biosciences were worth $1,605,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences in the third quarter valued at approximately $27,000. Van ECK Associates Corp bought a new position in shares of Avidity Biosciences during the fourth quarter valued at $38,000. KBC Group NV lifted its holdings in shares of Avidity Biosciences by 99.0% during the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock worth $130,000 after purchasing an additional 2,226 shares during the period. US Bancorp DE grew its stake in shares of Avidity Biosciences by 25.2% in the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company’s stock worth $191,000 after purchasing an additional 1,324 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in Avidity Biosciences in the fourth quarter valued at $210,000.

Insiders Place Their Bets

In other news, CFO Michael F. Maclean sold 3,287 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $93,975.33. Following the sale, the chief financial officer now directly owns 104,655 shares of the company’s stock, valued at approximately $2,992,086.45. This represents a 3.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 2,959 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the transaction, the insider now directly owns 104,908 shares of the company’s stock, valued at approximately $2,999,319.72. This represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 73,443 shares of company stock worth $2,241,889 over the last quarter. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Stock Performance

RNA opened at $29.77 on Thursday. The firm has a market cap of $3.58 billion, a P/E ratio of -10.34 and a beta of 1.02. Avidity Biosciences, Inc. has a fifty-two week low of $21.56 and a fifty-two week high of $56.00. The firm has a 50-day moving average of $31.46 and a 200 day moving average of $36.91.

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on RNA shares. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Chardan Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. 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. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Scotiabank began coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 target price for the company. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $66.69.

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.