Swiss National Bank Trims Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Swiss National Bank cut its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 0.5% in the 3rd quarter, Holdings Channel reports. The fund owned 155,600 shares of the biotechnology company’s stock after selling 800 shares during the quarter. Swiss National Bank’s holdings in Avidity Biosciences were worth $7,147,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in Avidity Biosciences during the 3rd quarter worth approximately $30,000. Values First Advisors Inc. acquired a new position in Avidity Biosciences during the 3rd quarter worth approximately $32,000. Quarry LP increased its position in Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the period. nVerses Capital LLC increased its position in Avidity Biosciences by 25.9% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after purchasing an additional 700 shares during the period. Finally, Amalgamated Bank increased its position in Avidity Biosciences by 39.0% during the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 982 shares during the period.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RNA. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Barclays started coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target on the stock. Chardan Capital restated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Finally, Evercore ISI lowered their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $63.22.

Insider Activity at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at $678,175.90. This trade represents a 25.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $1,446,720.00. Following the sale, the chief executive officer now owns 234,663 shares of the company’s stock, valued at $10,325,172. This represents a 12.29 % 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 worth $6,724,557. Corporate insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Up 4.3 %

Shares of Avidity Biosciences stock opened at $45.13 on Tuesday. Avidity Biosciences, Inc. has a fifty-two week low of $5.97 and a fifty-two week high of $56.00. The firm has a market cap of $5.38 billion, a PE ratio of -15.67 and a beta of 0.91. The business’s fifty day moving average is $45.51 and its two-hundred day moving average is $41.14.

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

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.