Corebridge Financial Inc. Has $1.61 Million Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Corebridge Financial Inc. reduced its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 4.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 55,180 shares of the biotechnology company’s stock after selling 2,592 shares during the period. Corebridge Financial Inc.’s holdings in Avidity Biosciences were worth $1,605,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of RNA. Y Intercept Hong Kong Ltd acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth $386,000. Lord Abbett & CO. LLC lifted its holdings in shares of Avidity Biosciences by 30.1% in the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock valued at $24,766,000 after purchasing an additional 124,867 shares in the last quarter. RA Capital Management L.P. lifted its holdings in shares of Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Neo Ivy Capital Management bought a new position in shares of Avidity Biosciences during the third quarter worth about $762,000. Finally, Bank of New York Mellon Corp raised its position in Avidity Biosciences by 19.5% in the 4th quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company’s stock valued at $10,557,000 after buying an additional 59,295 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Bank of America reduced 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 issued a $60.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Chardan Capital reissued a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Monday, March 17th. Citigroup started coverage on Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price objective for the company. Finally, BMO Capital Markets assumed coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 target price on the stock. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Trading Up 11.3 %

RNA stock opened at $29.77 on Thursday. Avidity Biosciences, Inc. has a 1-year low of $21.56 and a 1-year high of $56.00. The business’s 50 day simple moving average is $31.46 and its 200 day simple moving average is $36.91. The firm has a market capitalization of $3.58 billion, a PE ratio of -10.34 and a beta of 1.02.

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

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 10,397 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $297,250.23. Following the completion of the sale, the chief executive officer now owns 337,411 shares of the company’s stock, valued at $9,646,580.49. The trade was a 2.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Steven George Hughes sold 9,578 shares of the firm’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 transaction of $297,492.68. Following the transaction, the insider now directly owns 72,850 shares in the company, valued at $2,262,721. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 73,443 shares of company stock valued at $2,241,889 in the last three months. 3.68% of the stock is currently owned by company insiders.

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.