Avidity Biosciences, Inc. $RNA Shares Sold by Swiss National Bank

Swiss National Bank cut its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 7.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 161,900 shares of the biotechnology company’s stock after selling 12,500 shares during the quarter. Swiss National Bank owned about 0.13% of Avidity Biosciences worth $4,779,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. grew its stake in Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 866 shares during the last quarter. Parallel Advisors LLC lifted 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 period. GF Fund Management CO. LTD. purchased a new stake in Avidity Biosciences in the fourth quarter valued at approximately $73,000. IFP Advisors Inc increased its holdings in Avidity Biosciences by 123.2% in the 1st quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company’s stock worth $96,000 after buying an additional 1,787 shares during the period. Finally, Amalgamated Bank raised its position in Avidity Biosciences by 12.0% during the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock worth $116,000 after buying an additional 418 shares during the last quarter.

Avidity Biosciences Stock Down 1.0%

Shares of NASDAQ RNA opened at $44.02 on Wednesday. The firm has a market cap of $5.66 billion, a price-to-earnings ratio of -12.37 and a beta of 0.95. The company’s 50-day simple moving average is $34.83 and its 200-day simple moving average is $31.96. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00.

Analyst Upgrades and Downgrades

Several analysts have recently commented on RNA shares. Wolfe Research initiated coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They issued an “outperform” rating and a $55.00 price objective on the stock. Evercore ISI reaffirmed an “outperform” rating and issued a $70.00 price target on shares of Avidity Biosciences in a report on Friday, July 11th. Chardan Capital reissued a “buy” rating and issued a $75.00 price objective on shares of Avidity Biosciences in a report on Friday, August 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a report on Friday, June 27th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating and seventeen have assigned a Buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $67.00.

Insiders Place Their Bets

In other news, Director Troy Edward Wilson sold 65,554 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $45.00, for a total value of $2,949,930.00. Following the sale, the director directly owned 17,776 shares of the company’s stock, valued at $799,920. The trade was a 78.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 sale, the insider owned 80,195 shares of the company’s stock, valued at $2,636,811.60. The trade was a 19.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 453,826 shares of company stock valued at $20,063,286. 3.83% of the stock is owned by corporate 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.