Amalgamated Bank Purchases 982 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Amalgamated Bank raised its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 39.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,497 shares of the biotechnology company’s stock after buying an additional 982 shares during the period. Amalgamated Bank’s holdings in Avidity Biosciences were worth $143,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mutual of America Capital Management LLC grew its position in shares of Avidity Biosciences by 28.5% during the 2nd quarter. Mutual of America Capital Management LLC now owns 184,249 shares of the biotechnology company’s stock valued at $7,527,000 after acquiring an additional 40,913 shares during the period. Sofinnova Investments Inc. bought a new position in Avidity Biosciences during the second quarter valued at $875,000. Renaissance Technologies LLC purchased a new stake in Avidity Biosciences in the second quarter worth $15,417,000. American Century Companies Inc. raised its stake in shares of Avidity Biosciences by 18.5% in the second quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company’s stock valued at $6,725,000 after buying an additional 25,663 shares during the period. Finally, Dorsey & Whitney Trust CO LLC purchased a new position in shares of Avidity Biosciences during the 2nd quarter valued at $286,000.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of Avidity Biosciences stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $39.93, for a total transaction of $1,118,040.00. Following the completion of the sale, the chief executive officer now owns 205,043 shares of the company’s stock, valued at $8,187,366.99. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Avidity Biosciences news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $39.93, for a total transaction of $1,118,040.00. Following the transaction, the chief executive officer now directly owns 205,043 shares in the company, valued at $8,187,366.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $45.01, for a total transaction of $225,050.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at $667,498.30. The disclosure for this sale can be found here. Insiders sold a total of 128,543 shares of company stock worth $5,543,382 over the last three months. 3.68% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RNA. Barclays initiated coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Bank of America raised their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Evercore ISI lowered their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $60.75.

Avidity Biosciences Trading Up 5.6 %

NASDAQ RNA opened at $48.51 on Wednesday. The company’s 50 day simple moving average is $43.67 and its two-hundred day simple moving average is $35.37. Avidity Biosciences, Inc. has a 1 year low of $4.82 and a 1 year high of $48.80.

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

Avidity Biosciences Company 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.