Rhumbline Advisers Decreases Stake in Avidity Biosciences, Inc. $RNA

Rhumbline Advisers lowered its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 9.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 158,071 shares of the biotechnology company’s stock after selling 17,288 shares during the quarter. Rhumbline Advisers owned 0.11% of Avidity Biosciences worth $6,887,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in Avidity Biosciences during the 2nd quarter valued at $28,261,000. Bank of America Corp DE grew its stake in shares of Avidity Biosciences by 16.8% in the second quarter. Bank of America Corp DE now owns 1,839,315 shares of the biotechnology company’s stock worth $52,237,000 after purchasing an additional 264,827 shares during the last quarter. Schroder Investment Management Group increased its holdings in Avidity Biosciences by 215.3% during the 2nd quarter. Schroder Investment Management Group now owns 343,718 shares of the biotechnology company’s stock valued at $9,762,000 after purchasing an additional 234,715 shares during the period. Sofinnova Investments Inc. raised its position in Avidity Biosciences by 53.9% during the 2nd quarter. Sofinnova Investments Inc. now owns 584,801 shares of the biotechnology company’s stock valued at $16,608,000 after purchasing an additional 204,870 shares during the last quarter. Finally, Ensign Peak Advisors Inc lifted its holdings in Avidity Biosciences by 60.9% in the 2nd quarter. Ensign Peak Advisors Inc now owns 530,814 shares of the biotechnology company’s stock worth $15,075,000 after buying an additional 200,836 shares during the period.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Charles Calderaro III sold 3,727 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $72.23, for a total transaction of $269,201.21. Following the completion of the transaction, the insider owned 49,797 shares in the company, valued at $3,596,837.31. This trade represents a 6.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Steven George Hughes sold 4,895 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $354,642.75. Following the completion of the sale, the insider directly owned 31,599 shares in the company, valued at approximately $2,289,347.55. The trade was a 13.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 58,407 shares of company stock worth $4,226,448. Insiders own 3.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Evercore set a $72.00 target price on Avidity Biosciences in a research note on Thursday, December 18th. Roth Mkm downgraded shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price objective on the stock. in a research report on Monday, October 27th. Leerink Partners cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $72.00 price target (up previously from $61.00) on shares of Avidity Biosciences in a research report on Tuesday, October 28th. Finally, Needham & Company LLC cut Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price objective on the stock. in a research report on Monday, October 27th. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $69.57.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $72.86 on Monday. The stock’s fifty day moving average is $72.49 and its 200 day moving average is $61.39. The stock has a market cap of $11.27 billion, a P/E ratio of -17.43 and a beta of 0.93. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $73.06.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.