California State Teachers Retirement System Boosts Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

California State Teachers Retirement System grew its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 9.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 84,552 shares of the biotechnology company's stock after acquiring an additional 7,148 shares during the period. California State Teachers Retirement System owned about 0.07% of Avidity Biosciences worth $2,459,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Quantinno Capital Management LP grew its position in Avidity Biosciences by 8.0% in the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock valued at $204,000 after acquiring an additional 518 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Avidity Biosciences by 0.3% in the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company's stock valued at $5,374,000 after purchasing an additional 598 shares during the period. Summit Investment Advisors Inc. grew its holdings in shares of Avidity Biosciences by 6.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,611 shares of the biotechnology company's stock valued at $338,000 after purchasing an additional 666 shares in the last quarter. Xponance Inc. grew its holdings in shares of Avidity Biosciences by 11.0% in the fourth quarter. Xponance Inc. now owns 7,957 shares of the biotechnology company's stock valued at $231,000 after purchasing an additional 791 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Avidity Biosciences by 0.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 217,855 shares of the biotechnology company's stock worth $6,335,000 after buying an additional 830 shares during the period.

Avidity Biosciences Trading Up 2.9%

NASDAQ:RNA traded up $0.96 during midday trading on Tuesday, hitting $33.62. 2,174,409 shares of the company were exchanged, compared to its average volume of 1,467,489. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The company has a market capitalization of $4.05 billion, a PE ratio of -11.67 and a beta of 0.95. The company has a fifty day simple moving average of $29.60 and a 200 day simple moving average of $31.34.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The firm had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Analyst Upgrades and Downgrades

RNA has been the subject of several recent research reports. Chardan Capital raised their price target on shares of Avidity Biosciences from $65.00 to $75.00 and gave the company a "buy" rating in a research report on Monday. Scotiabank started coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective on the stock. BMO Capital Markets started coverage on Avidity Biosciences in a report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 target price for the company. Barclays boosted their target price on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday. Finally, Citigroup increased their price target on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday. Fourteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of "Buy" and a consensus target price of $67.50.

Insider Transactions at Avidity Biosciences

In related news, insider Steven George Hughes sold 9,578 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $297,492.68. Following the completion of the transaction, the insider now directly owns 72,850 shares of the company's stock, valued at $2,262,721. This trade represents a 11.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total value of $163,501.25. Following the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at $1,406,917.82. This trade represents a 10.41% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,678 shares of company stock worth $2,068,257. Insiders own 3.83% of the company's stock.

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.