Avidity Biosciences, Inc. $RNA Holdings Cut by Vanguard Group Inc.

Vanguard Group Inc. lowered its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 2.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,243,205 shares of the biotechnology company’s stock after selling 188,706 shares during the quarter. Vanguard Group Inc. owned about 7.67% of Avidity Biosciences worth $272,859,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Privium Fund Management B.V. increased its stake in shares of Avidity Biosciences by 8.2% during the first quarter. Privium Fund Management B.V. now owns 34,500 shares of the biotechnology company’s stock valued at $1,018,000 after acquiring an additional 2,600 shares during the period. Natixis Advisors LLC increased its stake in shares of Avidity Biosciences by 3.8% during the first quarter. Natixis Advisors LLC now owns 14,095 shares of the biotechnology company’s stock valued at $416,000 after acquiring an additional 518 shares during the period. Fiera Capital Corp increased its stake in shares of Avidity Biosciences by 92.5% during the first quarter. Fiera Capital Corp now owns 772,300 shares of the biotechnology company’s stock valued at $22,798,000 after acquiring an additional 371,121 shares during the period. Mackenzie Financial Corp acquired a new position in shares of Avidity Biosciences during the first quarter valued at approximately $213,000. Finally, TD Asset Management Inc increased its stake in shares of Avidity Biosciences by 4.3% during the first quarter. TD Asset Management Inc now owns 433,142 shares of the biotechnology company’s stock valued at $12,786,000 after acquiring an additional 17,970 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RNA. JPMorgan Chase & Co. lifted their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 10th. HC Wainwright decreased their price target on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Wells Fargo & Company lifted their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Evercore ISI restated an “outperform” rating and issued a $70.00 price target on shares of Avidity Biosciences in a research report on Friday, July 11th. Finally, Bank of America lifted their price target on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. Seventeen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $67.00.

Avidity Biosciences Stock Up 0.9%

Shares of NASDAQ:RNA opened at $46.47 on Monday. The firm has a fifty day moving average of $34.39 and a two-hundred day moving average of $31.80. The firm has a market capitalization of $5.98 billion, a P/E ratio of -13.05 and a beta of 0.95. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00.

Insider Activity at Avidity Biosciences

In other news, insider Eric Mosbrooker sold 130,807 shares of the firm’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $44.06, for a total transaction of $5,763,356.42. Following the transaction, the insider owned 55,000 shares in the company, valued at approximately $2,423,300. This trade represents a 70.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Arthur A. Levin sold 107,500 shares of the firm’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $47.62, for a total transaction of $5,119,150.00. Following the transaction, the director owned 19,650 shares in the company, valued at $935,733. This represents a 84.55% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 453,826 shares of company stock worth $20,063,286. 3.83% of the stock is currently owned by company insiders.

Avidity Biosciences Company 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.