Avidity Biosciences, Inc. $RNA Shares Sold by Swiss National Bank

Key Points

• Swiss National Bank reduced its stake in Avidity Biosciences by 7.2%, now owning approximately 0.13% of the company, worth $4.78 million.
• Avidity Biosciences' stock recently experienced a 1.0% decline, with shares trading at $44.02, and analysts have set a consensus target price of $67.00.
• Insider sales have been significant, with over 453,826 shares sold in the last 90 days, indicating increased selling activity among company insiders.

Swiss National Bank reduced its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 7.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,900 shares of the biotechnology company's stock after selling 12,500 shares during the quarter. Swiss National Bank owned about 0.13% of Avidity Biosciences worth $4,779,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. TD Waterhouse Canada Inc. increased its stake in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 866 shares in the last quarter. Parallel Advisors LLC increased its stake in Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after purchasing an additional 515 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in Avidity Biosciences in the 4th quarter valued at approximately $73,000. IFP Advisors Inc increased its stake in Avidity Biosciences by 123.2% in the 1st quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company's stock valued at $96,000 after purchasing an additional 1,787 shares in the last quarter. Finally, Amalgamated Bank increased its stake in Avidity Biosciences by 12.0% in the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock valued at $116,000 after purchasing an additional 418 shares in the last quarter.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RNA shares. JPMorgan Chase & Co. raised their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Sanford C. Bernstein started coverage on Avidity Biosciences in a research report on Tuesday, June 24th. They set an "outperform" rating and a $50.00 price target for the company. Citigroup raised their price target on Avidity Biosciences from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Evercore ISI reissued an "outperform" rating and set a $70.00 price target on shares of Avidity Biosciences in a research report on Friday, July 11th. Finally, The Goldman Sachs Group raised Avidity Biosciences to a "buy" rating and set a $55.00 price target for the company in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the stock. According to MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and an average price target of $67.00.

Insiders Place Their Bets

In other news, insider Teresa Mccarthy sold 10,000 shares of Avidity Biosciences stock in a transaction on Friday, August 15th. The stock was sold at an average price of $46.56, for a total value of $465,600.00. Following the completion of the sale, the insider owned 97,130 shares of the company's stock, valued at $4,522,372.80. The trade was a 9.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric Mosbrooker sold 130,807 shares of Avidity Biosciences stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $44.06, for a total value of $5,763,356.42. Following the completion of the sale, the insider directly owned 55,000 shares of the company's stock, valued at approximately $2,423,300. This represents a 70.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 456,034 shares of company stock valued at $20,165,737. 3.83% of the stock is currently owned by company insiders.

Avidity Biosciences Stock Up 3.8%

Shares of NASDAQ:RNA traded up $1.69 during midday trading on Friday, reaching $46.35. The company's stock had a trading volume of 1,887,072 shares, compared to its average volume of 3,900,747. The firm has a market cap of $5.96 billion, a price-to-earnings ratio of -13.02 and a beta of 0.95. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $56.00. The business has a 50 day moving average price of $35.63 and a 200 day moving average price of $32.23.

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.