Avidity Biosciences, Inc. $RNA Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 22.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 47,628 shares of the biotechnology company’s stock after selling 13,503 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Avidity Biosciences were worth $2,075,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. AlphaQuest LLC lifted its holdings in shares of Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 331 shares during the period. CWM LLC raised its position in Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after acquiring an additional 605 shares in the last quarter. Westside Investment Management Inc. acquired a new position in Avidity Biosciences in the second quarter valued at approximately $29,000. PNC Financial Services Group Inc. boosted its position in Avidity Biosciences by 291.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 1,099 shares in the last quarter. Finally, Osaic Holdings Inc. boosted its position in Avidity Biosciences by 1,659.1% in the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,543 shares in the last quarter.

Wall Street Analyst Weigh In

RNA has been the subject of several analyst reports. Loop Capital set a $72.00 target price on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $72.00 price objective (up from $61.00) on shares of Avidity Biosciences in a report on Tuesday, October 28th. Chardan Capital reiterated a “neutral” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Evercore set a $72.00 target price on Avidity Biosciences in a research report on Thursday, December 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $69.57.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Steven George Hughes sold 4,895 shares of the firm’s 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 transaction, the insider owned 31,599 shares in the company, valued at $2,289,347.55. This trade represents a 13.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 14,387 shares of the stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $1,042,338.15. Following the completion of the transaction, the chief executive officer directly owned 269,007 shares of the company’s stock, valued at approximately $19,489,557.15. This represents a 5.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 58,407 shares of company stock valued at $4,226,448. 3.83% of the stock is owned by insiders.

Avidity Biosciences Stock Down 0.2%

RNA stock opened at $72.75 on Wednesday. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $73.06. The firm has a 50-day simple moving average of $72.52 and a 200-day simple moving average of $61.75. The stock has a market capitalization of $11.26 billion, a P/E ratio of -17.40 and a beta of 0.93.

Avidity Biosciences 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.