State of New Jersey Common Pension Fund D Lowers Holdings in Avidity Biosciences, Inc. $RNA

State of New Jersey Common Pension Fund D reduced its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 22.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. 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 Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. AlphaQuest LLC grew its position in shares of Avidity Biosciences by 123.0% during the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after buying an additional 331 shares in the last quarter. California State Teachers Retirement System lifted its stake in Avidity Biosciences by 0.5% in the second quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock worth $2,563,000 after acquiring an additional 466 shares during the period. PNC Financial Services Group Inc. grew its holdings in Avidity Biosciences by 32.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,954 shares of the biotechnology company’s stock worth $85,000 after acquiring an additional 478 shares in the last quarter. Guggenheim Capital LLC increased its position in Avidity Biosciences by 1.6% during the 2nd quarter. Guggenheim Capital LLC now owns 32,602 shares of the biotechnology company’s stock valued at $926,000 after purchasing an additional 519 shares during the period. Finally, CWM LLC raised its holdings in shares of Avidity Biosciences by 1,635.1% in the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 605 shares in the last quarter.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $72.75 on Wednesday. The company has a market cap of $11.26 billion, a PE ratio of -17.40 and a beta of 0.93. The business has a 50-day simple moving average of $72.52 and a two-hundred day simple moving average of $61.75. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $73.06.

Insider Transactions at Avidity Biosciences

In related news, CFO Michael F. Maclean sold 4,542 shares of Avidity Biosciences stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $329,067.90. Following the completion of the sale, the chief financial officer owned 59,290 shares of the company’s stock, valued at $4,295,560.50. The trade was a 7.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider W. Michael Flanagan sold 6,534 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $473,388.30. Following the completion of the sale, the insider owned 85,093 shares in the company, valued at approximately $6,164,987.85. This represents a 7.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 58,407 shares of company stock worth $4,226,448 over the last 90 days. Insiders own 3.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RNA shares. Wolfe Research lowered shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Evercore set a $72.00 price target on Avidity Biosciences in a report on Thursday, December 18th. TD Cowen reissued a “hold” rating on shares of Avidity Biosciences in a research report on Wednesday, November 12th. Chardan Capital reaffirmed a “neutral” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $72.00 target price (up from $61.00) on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Hold” and a consensus target price of $69.57.

About Avidity Biosciences

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.