Bank of New York Mellon Corp Sells 2,395 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Bank of New York Mellon Corp decreased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNAFree Report) by 0.9% during the third quarter, Holdings Channel.com reports. The fund owned 252,032 shares of the biotechnology company’s stock after selling 2,395 shares during the period. Bank of New York Mellon Corp’s holdings in Avidity Biosciences were worth $1,608,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of RNA. MetLife Investment Management LLC lifted its holdings in shares of Avidity Biosciences by 58.5% during the first quarter. MetLife Investment Management LLC now owns 19,404 shares of the biotechnology company’s stock worth $358,000 after purchasing an additional 7,161 shares during the period. Rhumbline Advisers lifted its holdings in Avidity Biosciences by 4.4% in the first quarter. Rhumbline Advisers now owns 46,130 shares of the biotechnology company’s stock valued at $852,000 after acquiring an additional 1,932 shares during the period. Dimensional Fund Advisors LP boosted its position in Avidity Biosciences by 86.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 372,752 shares of the biotechnology company’s stock worth $6,884,000 after purchasing an additional 173,365 shares in the last quarter. Vanguard Group Inc. boosted its position in Avidity Biosciences by 14.7% in the 1st quarter. Vanguard Group Inc. now owns 2,298,363 shares of the biotechnology company’s stock worth $42,451,000 after purchasing an additional 294,791 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Avidity Biosciences by 2.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 299,802 shares of the biotechnology company’s stock worth $5,538,000 after purchasing an additional 8,461 shares in the last quarter.

Insider Activity

In other news, insider W. Michael Flanagan sold 4,129 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $10.13, for a total value of $41,826.77. Following the transaction, the insider now directly owns 35,871 shares of the company’s stock, valued at $363,373.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider W. Michael Flanagan sold 4,129 shares of Avidity Biosciences stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $10.13, for a total transaction of $41,826.77. Following the transaction, the insider now owns 35,871 shares in the company, valued at approximately $363,373.23. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sarah Boyce sold 5,092 shares of the business’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $10.13, for a total transaction of $51,581.96. Following the transaction, the chief executive officer now directly owns 44,008 shares in the company, valued at approximately $445,801.04. The disclosure for this sale can be found here. Insiders have sold 12,696 shares of company stock worth $128,610 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

RNA has been the topic of several recent research reports. Wells Fargo & Company restated an “overweight” rating and issued a $50.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, January 3rd. Needham & Company LLC restated a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 29th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and a consensus price target of $31.60.

Get Our Latest Research Report on RNA

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $12.14 on Thursday. Avidity Biosciences, Inc. has a 1 year low of $4.82 and a 1 year high of $25.74. The firm has a market capitalization of $899.57 million, a price-to-earnings ratio of -4.06 and a beta of 0.55. The business’s 50 day moving average price is $9.84 and its 200-day moving average price is $7.99.

Avidity Biosciences (NASDAQ:RNAGet Free Report) last announced its earnings results on Wednesday, November 8th. The biotechnology company reported ($0.71) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.05. Avidity Biosciences had a negative return on equity of 36.55% and a negative net margin of 1,995.34%. The firm had revenue of $2.82 million for the quarter, compared to analyst estimates of $2.09 million. On average, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.66 earnings per share for the current year.

About Avidity Biosciences

(Free Report)

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease is under phase 1/2 clinical trial.

Further Reading

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Institutional Ownership by Quarter for Avidity Biosciences (NASDAQ:RNA)

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