Mutual of America Capital Management LLC Sells 19,252 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Mutual of America Capital Management LLC reduced its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 10.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 164,997 shares of the biotechnology company's stock after selling 19,252 shares during the period. Mutual of America Capital Management LLC owned approximately 0.15% of Avidity Biosciences worth $7,578,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of Avidity Biosciences during the 3rd quarter worth approximately $30,000. Values First Advisors Inc. bought a new stake in Avidity Biosciences during the third quarter worth $32,000. Quarry LP boosted its holdings in shares of Avidity Biosciences by 566.7% in the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company's stock valued at $82,000 after purchasing an additional 1,700 shares in the last quarter. nVerses Capital LLC increased its stake in shares of Avidity Biosciences by 25.9% in the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company's stock valued at $139,000 after purchasing an additional 700 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in shares of 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 buying an additional 982 shares in the last quarter.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a "buy" rating and a $59.00 price objective on the stock. Barclays began coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They set an "overweight" rating and a $63.00 price target on the stock. TD Cowen increased their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, October 21st. Chardan Capital reaffirmed a "buy" rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Nine analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences presently has a consensus rating of "Buy" and a consensus target price of $63.22.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock traded up $1.36 during trading on Tuesday, hitting $42.71. The company's stock had a trading volume of 585,641 shares, compared to its average volume of 1,316,315. Avidity Biosciences, Inc. has a 52 week low of $5.68 and a 52 week high of $56.00. The stock has a 50-day moving average price of $45.27 and a two-hundred day moving average price of $40.53.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.9 EPS for the current year.

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $46.63, for a total value of $233,150.00. Following the completion of the transaction, the director now directly owns 14,830 shares of the company's stock, valued at approximately $691,522.90. This trade represents a 25.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sarah Boyce sold 32,880 shares of the company'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 in the company, valued at approximately $10,325,172. The trade was a 12.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 122,543 shares of company stock worth $5,556,092. 3.68% of the stock is currently owned by insiders.

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.