Aberdeen Group plc Buys 25,000 Shares of Avidity Biosciences, Inc. $RNA

Aberdeen Group plc increased its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 8.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 304,828 shares of the biotechnology company’s stock after buying an additional 25,000 shares during the quarter. Aberdeen Group plc owned 0.21% of Avidity Biosciences worth $13,281,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in RNA. Royal Bank of Canada raised its holdings in shares of Avidity Biosciences by 38.2% during the first quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company’s stock valued at $1,308,000 after acquiring an additional 12,241 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Avidity Biosciences by 22.7% during the 1st quarter. NewEdge Advisors LLC now owns 23,837 shares of the biotechnology company’s stock valued at $704,000 after purchasing an additional 4,410 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Avidity Biosciences by 2.8% in the first quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock worth $23,164,000 after buying an additional 21,649 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Avidity Biosciences by 7.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company’s stock worth $10,560,000 after buying an additional 25,329 shares during the period. Finally, Strs Ohio bought a new stake in Avidity Biosciences during the 1st quarter valued at approximately $180,000.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $72.86 on Friday. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $73.06. The stock has a fifty day moving average of $72.47 and a 200 day moving average of $60.89. The stock has a market cap of $11.27 billion, a PE ratio of -17.43 and a beta of 0.93.

Insider Activity at Avidity Biosciences

In other news, Director Arthur A. Levin sold 1,758 shares of the firm’s 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 completion of the sale, the director directly owned 16,562 shares of the company’s stock, valued at $1,199,916.90. This trade represents a 9.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael F. Maclean sold 4,542 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $329,067.90. Following the transaction, the chief financial officer directly owned 59,290 shares in the company, valued at approximately $4,295,560.50. This represents a 7.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 58,407 shares of company stock valued at $4,226,448 over the last quarter. 3.83% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have commented on RNA shares. Wolfe Research lowered Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Chardan Capital restated a “neutral” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a report on Tuesday, November 11th. Needham & Company LLC lowered shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 target price for the company. in a report on Monday, October 27th. Finally, Sanford C. Bernstein cut Avidity Biosciences from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $52.00 to $72.00 in a research note on Monday, October 27th. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Avidity Biosciences has an average rating of “Hold” and a consensus price target of $69.57.

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.