State of New Jersey Common Pension Fund D Increases Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

State of New Jersey Common Pension Fund D lifted its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 8.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,536 shares of the biotechnology company’s stock after buying an additional 3,638 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Avidity Biosciences were worth $1,411,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. National Bank of Canada FI purchased a new stake in shares of Avidity Biosciences in the third quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Avidity Biosciences in the 3rd quarter valued at approximately $30,000. Van ECK Associates Corp acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $38,000. Quest Partners LLC raised its position in shares of Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after buying an additional 1,392 shares during the period. Finally, KBC Group NV lifted its holdings in Avidity Biosciences by 99.0% in the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock valued at $130,000 after acquiring an additional 2,226 shares during the last quarter.

Insider Activity

In other news, insider W. Michael Flanagan sold 24,000 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total value of $858,480.00. Following the completion of the sale, the insider now owns 85,389 shares in the company, valued at approximately $3,054,364.53. This trade represents a 21.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the transaction, the insider now owns 50,554 shares of the company’s stock, valued at $1,625,816.64. This represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 129,138 shares of company stock valued at $4,229,012. Insiders own 3.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Chardan Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. HC Wainwright restated a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a report on Friday, January 10th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $65.80.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $29.16 on Wednesday. The firm has a market cap of $3.48 billion, a price-to-earnings ratio of -10.13 and a beta of 1.00. The stock’s 50-day moving average is $31.09 and its two-hundred day moving average is $39.12. Avidity Biosciences, Inc. has a 1 year low of $14.10 and a 1 year high of $56.00.

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.