Northern Trust Corp Sells 60,952 Shares of Avidity Biosciences, Inc. $RNA

Northern Trust Corp lowered its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 5.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,018,482 shares of the biotechnology company’s stock after selling 60,952 shares during the period. Northern Trust Corp owned approximately 0.85% of Avidity Biosciences worth $30,066,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Janus Henderson Group PLC grew its position in Avidity Biosciences by 44.1% in the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock worth $205,134,000 after acquiring an additional 2,156,844 shares in the last quarter. Driehaus Capital Management LLC grew its position in Avidity Biosciences by 40.8% in the fourth quarter. Driehaus Capital Management LLC now owns 1,228,058 shares of the biotechnology company’s stock worth $35,712,000 after acquiring an additional 356,114 shares in the last quarter. Woodline Partners LP grew its position in Avidity Biosciences by 27.7% in the fourth quarter. Woodline Partners LP now owns 865,820 shares of the biotechnology company’s stock worth $25,178,000 after acquiring an additional 187,666 shares in the last quarter. Fiera Capital Corp grew its position in Avidity Biosciences by 92.5% in the first quarter. Fiera Capital Corp now owns 772,300 shares of the biotechnology company’s stock worth $22,798,000 after acquiring an additional 371,121 shares in the last quarter. Finally, MPM Bioimpact LLC grew its position in Avidity Biosciences by 2.0% in the fourth quarter. MPM Bioimpact LLC now owns 702,981 shares of the biotechnology company’s stock worth $20,443,000 after acquiring an additional 14,006 shares in the last quarter.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Steven George Hughes sold 81,434 shares of the business’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $42.74, for a total transaction of $3,480,489.16. Following the sale, the insider directly owned 38,867 shares of the company’s stock, valued at $1,661,175.58. The trade was a 67.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Troy Edward Wilson sold 65,554 shares of the business’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $45.00, for a total transaction of $2,949,930.00. Following the sale, the director directly owned 17,776 shares in the company, valued at $799,920. This trade represents a 78.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 481,034 shares of company stock valued at $21,400,487. Corporate insiders own 3.83% of the company’s stock.

Avidity Biosciences Stock Down 4.1%

Shares of NASDAQ:RNA opened at $46.58 on Friday. The company has a market capitalization of $5.99 billion, a price-to-earnings ratio of -13.08 and a beta of 0.95. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The firm has a 50 day moving average of $37.39 and a 200 day moving average of $32.66.

Analyst Upgrades and Downgrades

Several research analysts recently commented on RNA shares. Raymond James Financial started coverage on Avidity Biosciences in a research report on Wednesday, June 11th. They issued a “strong-buy” rating and a $65.00 price target for the company. HC Wainwright dropped their target price on Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Evercore ISI restated an “outperform” rating and set a $70.00 target price on shares of Avidity Biosciences in a research report on Friday, July 11th. Wolfe Research began coverage on Avidity Biosciences in a research report on Tuesday, June 17th. They set an “outperform” rating and a $55.00 target price for the company. Finally, The Goldman Sachs Group upgraded Avidity Biosciences to a “buy” rating and set a $55.00 target price for the company in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $67.00.

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.