Mutual of America Capital Management LLC Has $7.53 Million Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Mutual of America Capital Management LLC raised its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 28.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 184,249 shares of the biotechnology company’s stock after purchasing an additional 40,913 shares during the period. Mutual of America Capital Management LLC owned 0.19% of Avidity Biosciences worth $7,527,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RNA. Concurrent Investment Advisors LLC acquired a new position in shares of Avidity Biosciences during the 1st quarter valued at $664,000. Sofinnova Investments Inc. acquired a new position in shares of Avidity Biosciences during the 2nd quarter valued at $875,000. Bayesian Capital Management LP acquired a new position in shares of Avidity Biosciences during the 1st quarter valued at $949,000. Sei Investments Co. lifted its position in shares of Avidity Biosciences by 15.4% during the 1st quarter. Sei Investments Co. now owns 36,635 shares of the biotechnology company’s stock valued at $935,000 after acquiring an additional 4,881 shares during the period. Finally, Lighthouse Investment Partners LLC acquired a new position in shares of Avidity Biosciences during the 4th quarter valued at $592,000.

Analysts Set New Price Targets

A number of brokerages have commented on RNA. Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Bank of America boosted their price target on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, Chardan Capital boosted their price target on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and a consensus price target of $61.00.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at $670,167.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at $670,167.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the transaction, the chief executive officer now owns 205,043 shares of the company’s stock, valued at approximately $8,888,614.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,000 shares of company stock worth $2,782,840. 3.68% of the stock is owned by company insiders.

Avidity Biosciences Trading Up 2.3 %

NASDAQ RNA opened at $45.65 on Friday. Avidity Biosciences, Inc. has a 1 year low of $4.82 and a 1 year high of $48.80. The company has a fifty day moving average price of $43.79 and a 200-day moving average price of $33.83.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.11. The firm had revenue of $2.05 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. Equities research analysts forecast that Avidity Biosciences, Inc. will post -3.01 EPS for the current year.

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.