Teachers Retirement System of The State of Kentucky Has $1.38 Million Stock Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Teachers Retirement System of The State of Kentucky raised its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 43.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 29,965 shares of the biotechnology company’s stock after purchasing an additional 9,098 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Avidity Biosciences were worth $1,376,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in RNA. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences in the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC acquired a new position in Avidity Biosciences in the third quarter valued at $30,000. Values First Advisors Inc. bought a new stake in Avidity Biosciences during the third quarter valued at $32,000. Quarry LP grew its holdings in Avidity Biosciences by 566.7% during the 2nd quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,700 shares during the period. Finally, Quest Partners LLC raised its position in shares of Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares in the last quarter.

Insider Buying and Selling

In other news, CEO Sarah Boyce sold 32,880 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the transaction, the chief executive officer now owns 234,663 shares in the company, valued at $10,325,172. The trade was a 12.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total value of $228,650.00. Following the sale, the director now directly owns 14,830 shares of the company’s stock, valued at $678,175.90. The trade was a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 174,866 shares of company stock worth $7,583,037. 3.68% of the stock is owned by corporate insiders.

Analyst Ratings Changes

RNA has been the topic of several research analyst reports. TD Cowen upped their target price on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Evercore ISI lowered their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Royal Bank of Canada started coverage on shares of Avidity Biosciences in a research note on Tuesday, November 26th. They set an “outperform” rating and a $67.00 target price on the stock. Finally, Barclays initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $63.60.

Avidity Biosciences Price Performance

NASDAQ:RNA opened at $32.74 on Wednesday. Avidity Biosciences, Inc. has a one year low of $8.37 and a one year high of $56.00. The company has a market cap of $3.91 billion, a PE ratio of -11.37 and a beta of 0.89. The firm has a 50-day moving average of $43.24 and a 200-day moving average of $42.27.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $7.09 million. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

About Avidity Biosciences

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.