Rhumbline Advisers Trims Stake in Avidity Biosciences, Inc. $RNA

Rhumbline Advisers trimmed its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 9.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 158,071 shares of the biotechnology company’s stock after selling 17,288 shares during the quarter. Rhumbline Advisers’ holdings in Avidity Biosciences were worth $6,887,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RNA. Atle Fund Management AB bought a new stake in shares of Avidity Biosciences during the third quarter valued at approximately $2,265,000. Candriam S.C.A. boosted its position in Avidity Biosciences by 10.2% during the third quarter. Candriam S.C.A. now owns 487,917 shares of the biotechnology company’s stock valued at $21,259,000 after purchasing an additional 45,144 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Avidity Biosciences by 44.2% in the third quarter. New York State Common Retirement Fund now owns 392,644 shares of the biotechnology company’s stock valued at $17,107,000 after acquiring an additional 120,365 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Avidity Biosciences by 157.0% in the third quarter. Assenagon Asset Management S.A. now owns 45,923 shares of the biotechnology company’s stock worth $2,001,000 after acquiring an additional 28,055 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Avidity Biosciences during the second quarter worth $28,261,000.

Insider Buying and Selling

In related news, insider W. Michael Flanagan sold 6,534 shares of the company’s stock in a transaction 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 $6,164,987.85. This represents a 7.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Arthur A. Levin sold 1,758 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $127,367.10. Following the sale, the director directly owned 16,562 shares of the company’s stock, valued at $1,199,916.90. The trade was a 9.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 58,407 shares of company stock valued at $4,226,448 in the last 90 days. Company insiders own 3.83% of the company’s stock.

Analyst Upgrades and Downgrades

RNA has been the topic of several analyst reports. Leerink Partners downgraded Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Chardan Capital reiterated a “neutral” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a report on Tuesday, November 11th. Royal Bank Of Canada restated a “sector perform” rating and issued a $72.00 price objective (up previously from $61.00) on shares of Avidity Biosciences in a report on Tuesday, October 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Finally, Wolfe Research cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $69.57.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $72.86 on Monday. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $73.06. The company has a market cap of $11.27 billion, a P/E ratio of -17.43 and a beta of 0.93. The firm has a fifty day moving average price of $72.49 and a 200 day moving average price of $61.39.

Avidity Biosciences Profile

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.