Arizona State Retirement System Sells 1,772 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Arizona State Retirement System decreased its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 6.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 23,965 shares of the biotechnology company’s stock after selling 1,772 shares during the quarter. Arizona State Retirement System’s holdings in Avidity Biosciences were worth $707,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the business. TD Waterhouse Canada Inc. raised its holdings in shares of Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 866 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after acquiring an additional 515 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Avidity Biosciences during the fourth quarter valued at $60,000. GF Fund Management CO. LTD. purchased a new stake in shares of Avidity Biosciences during the fourth quarter valued at $73,000. Finally, Amalgamated Bank boosted its position 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 valued at $116,000 after buying an additional 418 shares during the last quarter.

Insider Buying and Selling at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 20,000 shares of the company’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the sale, the insider directly owned 80,195 shares in the company, valued at approximately $2,636,811.60. This represents a 19.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $32.48, for a total transaction of $190,820.00. Following the completion of the sale, the insider owned 50,554 shares of the company’s stock, valued at $1,641,993.92. This represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,661 shares of company stock worth $1,066,319. 3.83% of the stock is currently owned by corporate insiders.

Avidity Biosciences Price Performance

NASDAQ RNA opened at $34.02 on Tuesday. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The firm has a market capitalization of $4.10 billion, a PE ratio of -11.34 and a beta of 0.91. The company’s 50 day simple moving average is $30.98 and its 200 day simple moving average is $30.40.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on RNA shares. The Goldman Sachs Group upgraded Avidity Biosciences to a “buy” rating and set a $55.00 price target on the stock in a research note on Thursday, July 10th. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a report on Friday, June 27th. Bank of America upped their price target on Avidity Biosciences from $48.00 to $54.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Wolfe Research started coverage on Avidity Biosciences in a research report on Tuesday, June 17th. They issued an “outperform” rating and a $55.00 price objective for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Sixteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently 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.