Mutual of America Capital Management LLC Buys 15,245 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Mutual of America Capital Management LLC grew its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 11.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 149,202 shares of the biotechnology company’s stock after purchasing an additional 15,245 shares during the period. Mutual of America Capital Management LLC owned approximately 0.20% of Avidity Biosciences worth $1,350,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its stake in shares of Avidity Biosciences by 15,900.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,200 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 3,180 shares during the period. Aigen Investment Management LP bought a new stake in Avidity Biosciences in the third quarter worth about $71,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Avidity Biosciences by 352.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,570 shares of the biotechnology company’s stock valued at $78,000 after buying an additional 6,675 shares during the period. Sherbrooke Park Advisers LLC bought a new position in shares of Avidity Biosciences during the third quarter valued at approximately $107,000. Finally, Quantbot Technologies LP raised its holdings in shares of Avidity Biosciences by 212.1% in the third quarter. Quantbot Technologies LP now owns 20,600 shares of the biotechnology company’s stock worth $131,000 after buying an additional 14,000 shares during the period.

Wall Street Analyst Weigh In

Several brokerages have commented on RNA. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $50.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, January 3rd. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a research note on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a research report on Thursday, April 11th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $23.00 target price on shares of Avidity Biosciences in a research report on Thursday, February 29th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $36.33.

Avidity Biosciences Price Performance

NASDAQ:RNA opened at $24.16 on Tuesday. Avidity Biosciences, Inc. has a 1-year low of $4.82 and a 1-year high of $27.66. The company has a 50-day moving average of $21.27 and a 200 day moving average of $12.84. The firm has a market cap of $1.93 billion, a PE ratio of -8.33 and a beta of 0.77.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.54) by ($0.25). The business had revenue of $2.19 million during the quarter, compared to analysts’ expectations of $32.08 million. Avidity Biosciences had a negative return on equity of 39.74% and a negative net margin of 2,219.87%. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -3.07 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 84,000 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $21.39, for a total value of $1,796,760.00. Following the completion of the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at $2,398,182.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Sarah Boyce sold 84,000 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the transaction, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at $2,398,182.63. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Arthur A. Levin sold 27,641 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $22.03, for a total value of $608,931.23. Following the completion of the sale, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $326,704.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 204,641 shares of company stock valued at $4,676,431. 2.00% of the stock is currently owned by corporate insiders.

Avidity Biosciences 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.