Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by Swiss National Bank

Swiss National Bank decreased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 0.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 155,600 shares of the biotechnology company’s stock after selling 800 shares during the quarter. Swiss National Bank owned about 0.14% of Avidity Biosciences worth $7,147,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RNA. Sei Investments Co. grew its stake in shares of Avidity Biosciences by 15.4% in the first quarter. Sei Investments Co. now owns 36,635 shares of the biotechnology company’s stock valued at $935,000 after buying an additional 4,881 shares in the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Avidity Biosciences by 4.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock valued at $541,000 after buying an additional 920 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Avidity Biosciences by 7.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock valued at $189,592,000 after buying an additional 516,446 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Avidity Biosciences in the first quarter valued at $949,000. Finally, Janus Henderson Group PLC grew its stake in shares of Avidity Biosciences by 4,661.3% in the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock valued at $31,704,000 after buying an additional 1,216,730 shares in the last quarter.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $45.13 on Tuesday. Avidity Biosciences, Inc. has a 1 year low of $5.97 and a 1 year high of $56.00. The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of -15.67 and a beta of 0.91. The business has a 50-day moving average of $45.51 and a two-hundred day moving average of $41.14.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, equities research analysts expect that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Barclays assumed coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. Chardan Capital reissued a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Evercore ISI lowered their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Finally, TD Cowen boosted their target price on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $63.22.

Insider Activity

In other Avidity Biosciences news, CFO Michael F. Maclean sold 11,510 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $506,440.00. Following the completion of the sale, the chief financial officer now directly owns 96,355 shares of the company’s stock, valued at $4,239,620. This represents a 10.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arthur A. Levin sold 3,323 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total value of $139,964.76. Following the sale, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $624,639.60. This represents a 18.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 150,866 shares of company stock valued at $6,724,557. Insiders own 3.68% of the company’s stock.

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.