Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System lifted its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 2.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,965 shares of the biotechnology company’s stock after purchasing an additional 405 shares during the quarter. Arizona State Retirement System’s holdings in Avidity Biosciences were worth $816,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of RNA. Charles Schwab Investment Management Inc. lifted its stake in shares of Avidity Biosciences by 6.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 545,771 shares of the biotechnology company’s stock worth $4,939,000 after acquiring an additional 30,674 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Avidity Biosciences by 61.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 41,166 shares of the biotechnology company’s stock valued at $394,000 after buying an additional 15,654 shares during the period. Quadrant Capital Group LLC raised its holdings in Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock worth $30,000 after purchasing an additional 2,714 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Avidity Biosciences by 114.3% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 52,788 shares of the biotechnology company’s stock valued at $478,000 after buying an additional 28,160 shares during the period. Finally, Quest Partners LLC acquired a new stake in Avidity Biosciences in the 4th quarter valued at about $211,000.

Wall Street Analyst Weigh In

RNA has been the topic of several analyst reports. Barclays initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Bank of America raised their target price on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Monday, September 9th. Evercore ISI cut their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $61.00.

Avidity Biosciences Trading Up 1.0 %

Shares of RNA stock opened at $41.71 on Friday. Avidity Biosciences, Inc. has a 1 year low of $4.82 and a 1 year high of $48.80. The stock has a market cap of $4.58 billion, a P/E ratio of -14.14 and a beta of 0.89. The stock has a 50 day simple moving average of $43.65 and a 200 day simple moving average of $33.30.

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

Insider Transactions at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $37.59, for a total transaction of $187,950.00. Following the completion of the sale, the director now directly owns 14,830 shares of the company’s stock, valued at $557,459.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $37.59, for a total transaction of $187,950.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at approximately $557,459.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at $8,187,366.99. The disclosure for this sale can be found here. Insiders sold a total of 71,000 shares of company stock valued at $2,970,790 in the last quarter. 3.68% of the stock is currently owned by company insiders.

About Avidity Biosciences

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.