Mutual of America Capital Management LLC Trims Position in Avidity Biosciences, Inc. $RNA

Mutual of America Capital Management LLC lessened its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 15.2% in the third quarter, Holdings Channel.com reports. The fund owned 148,849 shares of the biotechnology company’s stock after selling 26,778 shares during the period. Mutual of America Capital Management LLC’s holdings in Avidity Biosciences were worth $6,485,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. California State Teachers Retirement System increased its position in Avidity Biosciences by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock valued at $2,563,000 after purchasing an additional 466 shares during the period. Guggenheim Capital LLC increased its position in shares of Avidity Biosciences by 1.6% during the second quarter. Guggenheim Capital LLC now owns 32,602 shares of the biotechnology company’s stock valued at $926,000 after buying an additional 519 shares during the period. CWM LLC raised its stake in Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after buying an additional 605 shares in the last quarter. E Fund Management Co. Ltd. lifted its holdings in Avidity Biosciences by 4.6% in the second quarter. E Fund Management Co. Ltd. now owns 14,163 shares of the biotechnology company’s stock worth $402,000 after buying an additional 629 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Avidity Biosciences by 4.8% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,316 shares of the biotechnology company’s stock worth $463,000 after buying an additional 746 shares during the period.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $72.46 on Thursday. The firm has a market cap of $10.92 billion, a P/E ratio of -17.33 and a beta of 0.95. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $72.74. The firm has a 50-day simple moving average of $71.98 and a two-hundred day simple moving average of $56.79.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Monday, November 10th. The biotechnology company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). The firm had revenue of $12.48 million for the quarter, compared to analysts’ expectations of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The company’s revenue for the quarter was up 420.8% compared to the same quarter last year. On average, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 6,534 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 value of $473,388.30. Following the completion of the sale, the insider directly owned 85,093 shares in the company, valued at approximately $6,164,987.85. This trade represents a 7.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 14,387 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $1,042,338.15. Following the completion of the transaction, the chief executive officer directly owned 269,007 shares of the company’s stock, valued at approximately $19,489,557.15. This trade represents a 5.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 58,407 shares of company stock worth $4,226,448. Insiders own 3.83% of the company’s stock.

Analyst Upgrades and Downgrades

RNA has been the subject of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Sanford C. Bernstein downgraded Avidity Biosciences from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $52.00 to $72.00 in a report on Monday, October 27th. Evercore ISI set a $72.00 target price on shares of Avidity Biosciences in a report on Thursday, December 18th. Needham & Company LLC lowered shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price target for the company. in a research note on Monday, October 27th. Finally, Raymond James Financial cut shares of Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 27th. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average 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.