Yes,
You need to use a Tween which will take an object and interpolate that object's property or properties between start and ending points. You can tween the x and y locations, rotation, alpha property, and a number of others.
Here's a link to the Adobe docs:
http://livedocs.adobe.com/flash/9.0/ActionScriptLangRefV3/fl/transitions/Tween.htmlAll you do is instantiate the tween:
var tw:Tween = new Tween(obj, prop, func, begin, finish, duration);
which follows this structure:
Tween(obj:Object, prop:String, func:Function, begin:Number, finish:Number, duration:Number, useSeconds:Boolean = false)
Here's an example of a tween:
http://www.zedia.net/actionscript-3-tweens-tutorial/make sure your object has an instance name if you created it in the authoring tool, as that is the object you will use as the first argument of the Tween.