State of New Jersey Common Pension Fund D Buys Shares of 44,898 Avidity Biosciences, Inc. (NASDAQ:RNA)

State of New Jersey Common Pension Fund D acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 44,898 shares of the biotechnology company's stock, valued at approximately $2,062,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in Avidity Biosciences by 7.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company's stock worth $189,592,000 after buying an additional 516,446 shares during the last quarter. Avoro Capital Advisors LLC increased its position in shares of Avidity Biosciences by 11.7% during the second quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company's stock worth $265,729,000 after purchasing an additional 680,000 shares in the last quarter. RA Capital Management L.P. raised its stake in Avidity Biosciences by 33.7% in the 1st quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company's stock valued at $83,761,000 after purchasing an additional 827,647 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Avidity Biosciences by 4,661.3% during the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company's stock worth $31,704,000 after buying an additional 1,216,730 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. raised its position in shares of Avidity Biosciences by 2,263.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock valued at $30,190,000 after buying an additional 707,773 shares during the last quarter.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 32,880 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the completion of the transaction, the chief executive officer now directly owns 234,663 shares of the company's stock, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $45.73, for a total value of $228,650.00. Following the transaction, the director now directly owns 14,830 shares in the company, valued at approximately $678,175.90. The trade was a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 127,543 shares of company stock worth $5,782,042. Company insiders own 3.68% of the company's stock.

Avidity Biosciences Trading Down 15.6 %

RNA stock traded down $7.79 during mid-day trading on Friday, hitting $42.18. 2,000,398 shares of the company were exchanged, compared to its average volume of 1,320,366. The company has a market capitalization of $5.03 billion, a PE ratio of -14.65 and a beta of 0.91. The firm has a fifty day simple moving average of $45.26 and a 200 day simple moving average of $40.20. Avidity Biosciences, Inc. has a twelve month low of $5.68 and a twelve month high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to analysts' expectations of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.85 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday. Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an "overweight" rating and a $63.00 price objective for the company. Chardan Capital reaffirmed a "buy" rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday. TD Cowen lifted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Finally, Evercore ISI lowered their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating for the company in a research report on Monday, August 26th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences currently has a consensus rating of "Buy" and an average target price of $63.22.

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.