Mutual of America Capital Management LLC Buys 10,808 Shares of Avidity Biosciences, Inc. $RNA

Key Points

• Mutual of America Capital Management LLC increased its stake in Avidity Biosciences by 6.6% in Q2, acquiring an additional 10,808 shares, making their total ownership 175,627 shares valued at approximately $4.99 million.
• Avidity Biosciences receives mostly positive ratings from analysts, with a consensus rating of "Moderate Buy" and an average target price of $67.78, reflecting strong investor interest in the stock.
• Insider trading has seen significant sales, with a notable transaction where CEO Sarah Boyce sold 50,000 shares, indicating a 14.05% reduction in her ownership of the stock.

Mutual of America Capital Management LLC grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 6.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 175,627 shares of the biotechnology company's stock after buying an additional 10,808 shares during the period. Mutual of America Capital Management LLC owned 0.15% of Avidity Biosciences worth $4,988,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of RNA. Oppenheimer Asset Management Inc. acquired a new stake in shares of Avidity Biosciences in the 1st quarter worth $226,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Avidity Biosciences by 291.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company's stock worth $492,000 after purchasing an additional 11,594 shares in the last quarter. Amalgamated Bank lifted its stake in shares of Avidity Biosciences by 12.0% during the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after buying an additional 418 shares during the period. GF Fund Management CO. LTD. lifted its stake in shares of Avidity Biosciences by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 3,055 shares of the biotechnology company's stock worth $90,000 after buying an additional 550 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Avidity Biosciences by 1.0% during the first quarter. Bank of New York Mellon Corp now owns 366,594 shares of the biotechnology company's stock worth $10,822,000 after buying an additional 3,577 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Roth Capital initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, September 17th. They set a "buy" rating and a $62.00 price objective for the company. Chardan Capital reaffirmed a "buy" rating and set a $75.00 price target on shares of Avidity Biosciences in a research report on Wednesday, September 10th. The Goldman Sachs Group raised Avidity Biosciences to a "buy" rating and set a $55.00 target price for the company in a report on Thursday, July 10th. Needham & Company LLC lifted their target price on Avidity Biosciences from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, September 10th. Finally, HC Wainwright lifted their target price on Avidity Biosciences from $68.00 to $87.00 and gave the stock a "buy" rating in a report on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $67.78.

Insider Buying and Selling

In other Avidity Biosciences news, insider Eric Mosbrooker sold 130,807 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $44.06, for a total value of $5,763,356.42. Following the completion of the transaction, the insider directly owned 55,000 shares of the company's stock, valued at approximately $2,423,300. The trade was a 70.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sarah Boyce sold 50,000 shares of the business's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $49.95, for a total transaction of $2,497,500.00. Following the completion of the transaction, the chief executive officer owned 305,871 shares of the company's stock, valued at approximately $15,278,256.45. This represents a 14.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 569,269 shares of company stock valued at $26,205,238 in the last three months. 3.83% of the stock is currently owned by company insiders.

Avidity Biosciences Stock Down 4.5%

Shares of RNA stock opened at $46.86 on Thursday. The stock has a market cap of $6.84 billion, a PE ratio of -13.16 and a beta of 0.97. The business has a 50-day simple moving average of $45.73 and a 200-day simple moving average of $36.56. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week 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.

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