T. Rowe Price Investment Management Inc. Invests $22.77 Million in Avidity Biosciences, Inc. $RNA

Key Points

• T. Rowe Price Investment Management Inc. acquired 771,158 shares of Avidity Biosciences, Inc., valued at approximately $22.8 million, representing about 0.64% of the company.
• Analysts have issued positive ratings for Avidity Biosciences, with an average price target of $67.00 and multiple firms setting "outperform" or "buy" ratings.
• Insider trading activity revealed that significant shares were sold recently, including 130,807 shares by insider Eric Mosbrooker, indicating shifts in insider ownership.

T. Rowe Price Investment Management Inc. acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 771,158 shares of the biotechnology company's stock, valued at approximately $22,765,000. T. Rowe Price Investment Management Inc. owned about 0.64% of Avidity Biosciences as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Amalgamated Bank lifted its holdings in shares of Avidity Biosciences by 12.0% in the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock valued at $116,000 after buying an additional 418 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Avidity Biosciences by 9.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,135 shares of the biotechnology company's stock valued at $181,000 after purchasing an additional 514 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after buying an additional 515 shares during the last quarter. Quantinno Capital Management LP increased its holdings in Avidity Biosciences by 8.0% during the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock valued at $204,000 after acquiring an additional 518 shares in the last quarter. Finally, Natixis Advisors LLC boosted 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 last quarter.

Insiders Place Their Bets

In related news, Director Troy Edward Wilson sold 65,554 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 17,776 shares of the company's stock, valued at $799,920. This represents a 78.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Teresa Mccarthy sold 10,000 shares of Avidity Biosciences stock in a transaction on Friday, August 15th. The shares were sold at an average price of $46.56, for a total value of $465,600.00. Following the transaction, the insider owned 97,130 shares in the company, valued at $4,522,372.80. This represents a 9.33% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 456,034 shares of company stock worth $20,165,737. Company insiders own 3.83% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RNA shares. HC Wainwright cut their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Evercore ISI reiterated an "outperform" rating and issued a $70.00 price objective on shares of Avidity Biosciences in a report on Friday, July 11th. 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 note on Tuesday, June 10th. Wells Fargo & Company upped their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Friday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $67.00.

Avidity Biosciences Stock Up 1.7%

Avidity Biosciences stock traded up $0.82 during midday trading on Thursday, hitting $48.64. The company's stock had a trading volume of 1,891,876 shares, compared to its average volume of 1,844,620. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The company has a market capitalization of $6.26 billion, a PE ratio of -13.68 and a beta of 0.95. The stock's 50-day moving average price is $36.66 and its 200-day moving average price is $32.47.

Avidity Biosciences 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.