State of New Jersey Common Pension Fund D Has $1.74 Million Stake in Avidity Biosciences, Inc. $RNA

State of New Jersey Common Pension Fund D trimmed its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 3.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 61,131 shares of the biotechnology company’s stock after selling 2,233 shares during the period. State of New Jersey Common Pension Fund D owned about 0.05% of Avidity Biosciences worth $1,736,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GF Fund Management CO. LTD. raised its stake in shares of Avidity Biosciences by 22.0% in the 1st 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 period. IFP Advisors Inc raised its position in Avidity Biosciences by 123.2% in the 1st quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company’s stock valued at $96,000 after buying an additional 1,787 shares during the last quarter. Amalgamated Bank raised its position in 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 last quarter. Russell Investments Group Ltd. raised its holdings in shares of Avidity Biosciences by 149.2% in the first quarter. Russell Investments Group Ltd. now owns 4,378 shares of the biotechnology company’s stock valued at $129,000 after purchasing an additional 2,621 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Avidity Biosciences in the first quarter valued at approximately $180,000.

Insider Buying and Selling at Avidity Biosciences

In related news, Director Troy Edward Wilson sold 65,554 shares of the business’s stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $45.00, for a total transaction of $2,949,930.00. Following the transaction, the director directly owned 17,776 shares of the company’s stock, valued at approximately $799,920. The trade was a 78.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur A. Levin sold 107,500 shares of the company’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $47.62, for a total transaction of $5,119,150.00. Following the completion of the transaction, the director owned 19,650 shares in the company, valued at approximately $935,733. This represents a 84.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 569,233 shares of company stock worth $26,228,962 in the last three months. 3.83% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Leerink Partners reiterated a “market perform” rating and issued a $72.00 price objective (up from $65.00) on shares of Avidity Biosciences in a report on Monday, October 27th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $72.00 price target (up from $61.00) on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Needham & Company LLC downgraded Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 target price on the stock. in a research report on Monday, October 27th. Roth Capital downgraded Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 target price on the stock. in a research report on Monday, October 27th. Finally, Sanford C. Bernstein downgraded Avidity Biosciences from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $52.00 to $72.00 in a research report on Monday, October 27th. Nine investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $69.24.

Avidity Biosciences Stock Up 0.2%

Shares of NASDAQ RNA opened at $69.85 on Monday. The business’s 50 day moving average price is $48.34 and its two-hundred day moving average price is $38.70. The company has a market cap of $10.19 billion, a PE ratio of -19.62 and a beta of 0.97. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $70.51.

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.