Zurcher Kantonalbank Zurich Cantonalbank Trims Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Zurcher Kantonalbank Zurich Cantonalbank lowered its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 5.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,891 shares of the biotechnology company’s stock after selling 1,568 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Avidity Biosciences were worth $764,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Amalgamated Bank lifted its stake in Avidity Biosciences by 12.0% during the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock valued at $116,000 after acquiring an additional 418 shares during the period. Parallel Advisors LLC raised its holdings in shares of 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 last quarter. Quantinno Capital Management LP lifted its position 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 valued at $204,000 after purchasing an additional 518 shares during the period. GF Fund Management CO. LTD. boosted its holdings in Avidity Biosciences by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 3,055 shares of the biotechnology company’s stock valued at $90,000 after purchasing an additional 550 shares during the last quarter. Finally, Xponance Inc. grew its position in Avidity Biosciences by 7.3% during the 1st quarter. Xponance Inc. now owns 8,536 shares of the biotechnology company’s stock worth $252,000 after purchasing an additional 579 shares during the period.

Insiders Place Their Bets

In other news, insider John B. Moriarty sold 2,245 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $36.21, for a total value of $81,291.45. Following the completion of the sale, the insider directly owned 47,755 shares in the company, valued at $1,729,208.55. This represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kathleen P. Gallagher sold 911 shares of the business’s stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $30.24, for a total transaction of $27,548.64. Following the transaction, the insider owned 50,392 shares in the company, valued at $1,523,854.08. The trade was a 1.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,031 shares of company stock valued at $957,260 in the last 90 days. 3.83% of the stock is owned by insiders.

Avidity Biosciences Trading Up 2.5%

RNA stock opened at $38.26 on Wednesday. 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 is $32.28 and its 200 day moving average is $30.91. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of -12.75 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $2.63 million. As a group, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analysts Set New Price Targets

RNA has been the subject of several analyst reports. HC Wainwright decreased their price objective on Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a report on Monday, May 12th. JPMorgan Chase & Co. boosted their price target on Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a report on Tuesday, June 10th. Evercore ISI reaffirmed an “outperform” rating and set a $70.00 price objective on shares of Avidity Biosciences in a research note on Friday, July 11th. Citigroup boosted their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Finally, The Goldman Sachs Group raised shares of Avidity Biosciences to a “buy” rating and set a $55.00 price target on the stock in a report on Thursday, July 10th. Sixteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and a consensus target price of $66.35.

Avidity Biosciences Company 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.