Mutual of America Capital Management LLC Cuts Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Mutual of America Capital Management LLC reduced its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 10.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 164,997 shares of the biotechnology company’s stock after selling 19,252 shares during the period. Mutual of America Capital Management LLC owned approximately 0.15% of Avidity Biosciences worth $7,578,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Avoro Capital Advisors LLC grew its holdings in Avidity Biosciences by 132.1% during the 1st quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock worth $148,654,000 after acquiring an additional 3,315,000 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Avidity Biosciences by 4,661.3% in the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock valued at $31,704,000 after buying an additional 1,216,730 shares during the last quarter. RA Capital Management L.P. raised its stake in Avidity Biosciences by 33.7% in the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock valued at $83,761,000 after buying an additional 827,647 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after buying an additional 707,773 shares during the last quarter. Finally, Farallon Capital Management LLC acquired a new position in shares of Avidity Biosciences during the 1st quarter worth about $15,467,000.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Evercore ISI cut their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Barclays assumed coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a report on Monday, September 16th. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Finally, Chardan Capital restated a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $63.22.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. This trade represents a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the transaction, the chief executive officer now directly owns 234,663 shares in the company, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 122,543 shares of company stock valued at $5,556,092. 3.68% of the stock is owned by company insiders.

Avidity Biosciences Stock Down 2.0 %

NASDAQ RNA opened at $41.35 on Tuesday. The business’s 50-day moving average price is $45.27 and its 200 day moving average price is $40.53. The firm has a market cap of $4.93 billion, a P/E ratio of -14.36 and a beta of 0.91. Avidity Biosciences, Inc. has a 52-week low of $5.68 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. As a group, analysts anticipate that Avidity Biosciences, Inc. will post -2.9 earnings per share for the current year.

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.