Mirae Asset Global Investments Co. Ltd. Increases Stake in Avidity Biosciences, Inc. $RNA

Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 4.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,316 shares of the biotechnology company’s stock after buying an additional 746 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Avidity Biosciences were worth $463,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in RNA. Wellington Management Group LLP grew its holdings in Avidity Biosciences by 19.5% during the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company’s stock valued at $285,888,000 after buying an additional 1,578,459 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of Avidity Biosciences in the first quarter valued at $22,765,000. Frazier Life Sciences Management L.P. purchased a new position in shares of Avidity Biosciences in the first quarter valued at $15,498,000. Nuveen LLC purchased a new position in shares of Avidity Biosciences in the first quarter valued at $12,729,000. Finally, Fiera Capital Corp grew its holdings in shares of Avidity Biosciences by 92.5% in the first quarter. Fiera Capital Corp now owns 772,300 shares of the biotechnology company’s stock valued at $22,798,000 after purchasing an additional 371,121 shares in the last quarter.

Insider Buying and Selling at Avidity Biosciences

In other news, Director Troy Edward Wilson sold 29,500 shares of Avidity Biosciences stock in a transaction on Friday, September 5th. The stock was sold at an average price of $50.00, for a total transaction of $1,475,000.00. Following the completion of the sale, the director directly owned 54,425 shares in the company, valued at approximately $2,721,250. This trade represents a 35.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Teresa Mccarthy sold 10,000 shares of Avidity Biosciences stock in a transaction on Friday, August 15th. The stock was sold at an average price of $46.56, for a total value of $465,600.00. Following the sale, the insider owned 97,130 shares of the company’s stock, valued at approximately $4,522,372.80. This trade represents a 9.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 549,269 shares of company stock valued at $25,202,238. 3.83% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. HC Wainwright raised their target price on shares of Avidity Biosciences from $68.00 to $87.00 and gave the company a “buy” rating in a report on Friday, September 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a report on Friday, June 27th. Barclays reissued an “overweight” rating and issued a $62.00 target price (up from $59.00) on shares of Avidity Biosciences in a report on Friday, August 8th. Needham & Company LLC raised their target price on shares of Avidity Biosciences from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. Finally, Wells Fargo & Company raised their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $68.32.

Avidity Biosciences Trading Down 2.0%

Shares of RNA opened at $49.77 on Friday. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The company has a market cap of $7.26 billion, a P/E ratio of -13.98 and a beta of 0.97. The company’s fifty day simple moving average is $45.07 and its 200-day simple moving average is $35.51.

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.