Aberdeen Group plc Increases Holdings in Avidity Biosciences, Inc. $RNA

Key Points

• Aberdeen Group plc significantly increased its stake in Avidity Biosciences by 523.1% in the first quarter, now owning 279,828 shares valued at approximately $8.26 million.
• Analysts are optimistic about Avidity Biosciences, with multiple firms, including Wells Fargo and Citigroup, raising their target prices to $75.00 and issuing "buy" ratings.
• Insiders have sold a total of 453,826 shares of Avidity during the last quarter, representing a significant decrease in their ownership positions.

Aberdeen Group plc raised its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 523.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 279,828 shares of the biotechnology company's stock after buying an additional 234,916 shares during the period. Aberdeen Group plc owned about 0.23% of Avidity Biosciences worth $8,261,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. TD Waterhouse Canada Inc. raised its stake in Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after buying an additional 866 shares during the last quarter. Parallel Advisors LLC raised its holdings in Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 515 shares during the period. GF Fund Management CO. LTD. bought a new position in Avidity Biosciences in the 4th quarter worth $73,000. IFP Advisors Inc raised its holdings in Avidity Biosciences by 123.2% in the 1st quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company's stock worth $96,000 after purchasing an additional 1,787 shares during the period. Finally, Amalgamated Bank raised its holdings in Avidity Biosciences by 12.0% in the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after purchasing an additional 418 shares during the period.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Raymond James Financial assumed coverage on Avidity Biosciences in a report on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 target price on the stock. Wells Fargo & Company raised their target price on Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Citigroup raised their target price on Avidity Biosciences from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. HC Wainwright decreased their target price on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, Chardan Capital reiterated a "buy" rating and issued a $75.00 price target on shares of Avidity Biosciences in a research note on Friday, August 8th. One 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, Avidity Biosciences currently has a consensus rating of "Buy" and an average target price of $67.00.

Avidity Biosciences Stock Down 1.0%

NASDAQ:RNA opened at $44.02 on Wednesday. The business's 50-day simple moving average is $34.83 and its two-hundred day simple moving average is $31.96. The stock has a market cap of $5.66 billion, a PE ratio of -12.37 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.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider Steven George Hughes sold 81,434 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was 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. This trade represents a 67.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Arthur A. Levin sold 107,500 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $47.62, for a total value of $5,119,150.00. Following the transaction, the director owned 19,650 shares of the company's stock, valued at approximately $935,733. The trade was a 84.55% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 453,826 shares of company stock valued at $20,063,286. 3.83% of the stock is currently owned by corporate insiders.

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.

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