New York State Common Retirement Fund Purchases 87,468 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

New York State Common Retirement Fund lifted its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 47.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,279 shares of the biotechnology company's stock after buying an additional 87,468 shares during the quarter. New York State Common Retirement Fund owned about 0.23% of Avidity Biosciences worth $8,038,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Amalgamated Bank grew its holdings in 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 purchasing an additional 418 shares during the period. Parallel Advisors LLC grew its holdings in Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 515 shares during the period. Quantinno Capital Management LP grew its holdings in Avidity Biosciences by 8.0% during the fourth quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock worth $204,000 after purchasing an additional 518 shares during the period. GF Fund Management CO. LTD. boosted its holdings 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 acquiring an additional 550 shares during the period. Finally, Xponance Inc. boosted its holdings in shares of Avidity Biosciences by 7.3% during the first quarter. Xponance Inc. now owns 8,536 shares of the biotechnology company's stock worth $252,000 after acquiring an additional 579 shares during the period.

Avidity Biosciences Stock Performance

Shares of RNA opened at $33.76 on Friday. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00. The business's 50 day moving average price is $30.98 and its two-hundred day moving average price is $30.40. The firm has a market cap of $4.07 billion, a PE ratio of -11.25 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative return on equity of 26.96% and a negative net margin of 4,136.00%. The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. Research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider W. Michael Flanagan sold 20,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the sale, the insider owned 80,195 shares of the company's stock, valued at $2,636,811.60. This trade represents a 19.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kathleen P. Gallagher sold 911 shares of the firm's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $30.24, for a total value of $27,548.64. Following the completion of the sale, the insider directly owned 50,392 shares in the company, valued at approximately $1,523,854.08. The trade was a 1.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,661 shares of company stock valued at $1,066,319 in the last quarter. 3.83% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RNA. Sanford C. Bernstein started coverage on Avidity Biosciences in a report on Tuesday, June 24th. They set an "outperform" rating and a $50.00 price objective for the company. Barclays raised their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Citigroup upped their target price on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Wolfe Research initiated coverage on Avidity Biosciences in a research report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Sixteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $66.35.

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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