Mitsubishi UFJ Asset Management Co. Ltd. Lowers Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Mitsubishi UFJ Asset Management Co. Ltd. lessened its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 36.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,621 shares of the biotechnology company’s stock after selling 3,292 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Avidity Biosciences were worth $171,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of RNA. National Bank of Canada FI purchased a new stake in Avidity Biosciences in the third quarter worth approximately $27,000. Van ECK Associates Corp purchased a new position in Avidity Biosciences during the 4th quarter valued at $38,000. KBC Group NV raised its stake in Avidity Biosciences by 99.0% in the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock worth $130,000 after buying an additional 2,226 shares in the last quarter. US Bancorp DE raised its position in shares of Avidity Biosciences by 25.2% in the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company’s stock worth $191,000 after acquiring an additional 1,324 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in Avidity Biosciences during the fourth quarter valued at $210,000.

Avidity Biosciences Trading Down 5.6 %

Shares of NASDAQ RNA opened at $28.10 on Friday. The stock has a market capitalization of $3.38 billion, a PE ratio of -9.76 and a beta of 1.02. Avidity Biosciences, Inc. has a twelve month low of $21.56 and a twelve month high of $56.00. The stock has a fifty day simple moving average of $31.41 and a 200-day simple moving average of $36.84.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.74 million. On average, equities analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Bank of America lowered their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Chardan Capital reiterated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. HC Wainwright reiterated a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Monday, March 17th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and an average target price of $66.69.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the sale, the insider now owns 50,554 shares in the company, valued at approximately $1,406,917.82. This represents a 10.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Teresa Mccarthy sold 2,959 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the sale, the insider now directly owns 104,908 shares of the company’s stock, valued at $2,999,319.72. The trade was a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 79,318 shares of company stock worth $2,405,390. Insiders own 3.68% of the company’s stock.

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.