Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Acquired by New York State Common Retirement Fund

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

Several other institutional investors also recently bought and sold shares of the company. TD Waterhouse Canada Inc. boosted its stake in shares of 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 buying an additional 866 shares during the period. Parallel Advisors LLC boosted its stake in shares of 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 buying an additional 515 shares during the period. Headlands Technologies LLC purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at about $60,000. GF Fund Management CO. LTD. purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at about $73,000. Finally, Amalgamated Bank boosted its stake in shares of 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 buying an additional 418 shares during the period.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group upgraded Avidity Biosciences to a "buy" rating and set a $55.00 price objective for the company in a research note on Thursday, July 10th. Sanford C. Bernstein assumed coverage on Avidity Biosciences in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 price objective for the company. Evercore ISI reiterated an "outperform" rating and issued a $70.00 price objective on shares of Avidity Biosciences in a research note on Friday, July 11th. Citigroup lifted their price objective on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Finally, Needham & Company LLC restated a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Sixteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Avidity Biosciences has an average rating of "Buy" and an average price target of $66.35.

Avidity Biosciences Stock Performance

NASDAQ RNA traded up $0.39 on Wednesday, reaching $33.92. The stock had a trading volume of 1,441,985 shares, compared to its average volume of 1,427,237. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The business's 50-day moving average price is $31.26 and its 200 day moving average price is $30.47. The stock has a market cap of $4.09 billion, a P/E ratio of -11.31 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data 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 net margin of 4,136.00% and a negative return on equity of 26.96%. The firm had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million. On average, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Buying and Selling

In other Avidity Biosciences news, insider W. Michael Flanagan sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the sale, the insider owned 80,195 shares in the company, valued at approximately $2,636,811.60. The trade was a 19.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kathleen P. Gallagher sold 911 shares of the business's stock in a transaction that occurred on 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 transaction, 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. In the last quarter, insiders sold 32,661 shares of company stock valued at $1,066,319. 3.83% of the stock is 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.