Avidity Biosciences, Inc. $RNA Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 173.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 179,103 shares of the biotechnology company’s stock after acquiring an additional 113,545 shares during the quarter. Envestnet Asset Management Inc. owned 0.12% of Avidity Biosciences worth $7,804,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Atle Fund Management AB bought a new position in Avidity Biosciences during the 3rd quarter worth $2,265,000. New York State Common Retirement Fund lifted its position in Avidity Biosciences by 44.2% in the third quarter. New York State Common Retirement Fund now owns 392,644 shares of the biotechnology company’s stock worth $17,107,000 after purchasing an additional 120,365 shares during the period. Assenagon Asset Management S.A. grew its holdings in Avidity Biosciences by 157.0% during the third quarter. Assenagon Asset Management S.A. now owns 45,923 shares of the biotechnology company’s stock worth $2,001,000 after acquiring an additional 28,055 shares during the period. Norges Bank acquired a new stake in Avidity Biosciences during the second quarter valued at approximately $28,261,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Avidity Biosciences by 31.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 580,275 shares of the biotechnology company’s stock worth $16,480,000 after acquiring an additional 139,473 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on RNA shares. Wolfe Research cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. HC Wainwright cut shares of Avidity Biosciences from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $87.00 to $72.00 in a report on Monday, October 27th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $72.00 price target (up previously from $61.00) on shares of Avidity Biosciences in a research report on Tuesday, October 28th. Needham & Company LLC downgraded shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price objective on the stock. in a report on Monday, October 27th. Finally, Loop Capital set a $72.00 price objective on Avidity Biosciences in a research note on Tuesday, October 28th. Eight analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $69.57.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $72.86 on Friday. The stock has a market cap of $11.27 billion, a PE ratio of -17.43 and a beta of 0.93. The firm has a 50-day moving average of $72.47 and a 200-day moving average of $60.89. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $73.06.

Insider Activity at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 2,929 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $212,206.05. Following the completion of the transaction, the insider owned 113,938 shares of the company’s stock, valued at $8,254,808.10. The trade was a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sarah Boyce sold 14,387 shares of Avidity Biosciences stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $1,042,338.15. Following the completion of the transaction, the chief executive officer owned 269,007 shares in the company, valued at approximately $19,489,557.15. The trade was a 5.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 58,407 shares of company stock worth $4,226,448 in the last quarter. 3.83% of the stock is currently owned by corporate insiders.

About Avidity Biosciences

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.