Adage Capital Partners GP L.L.C. Sells 606,063 Shares of Avidity Biosciences, Inc. $RNA

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Avidity Biosciences by 22.0%, owning approximately 1.78% of the company, valued at $63.35 million after selling 606,063 shares in the first quarter.
• Multiple institutional investors, including MPM Bioimpact LLC and Royal Bank of Canada, have increased their positions in Avidity Biosciences, highlighting renewed interest in the stock.
• Analysts are optimistic about Avidity Biosciences, with several upgrading their price targets, most notably Wells Fargo raising it from $70.00 to $75.00 and giving an "overweight" rating.

Adage Capital Partners GP L.L.C. trimmed its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 22.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,145,881 shares of the biotechnology company's stock after selling 606,063 shares during the quarter. Adage Capital Partners GP L.L.C. owned 1.78% of Avidity Biosciences worth $63,346,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Amalgamated Bank increased its holdings in shares of Avidity Biosciences by 12.0% in the first 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 last quarter. Corebridge Financial Inc. lifted its holdings in shares of Avidity Biosciences by 0.8% during the 1st quarter. Corebridge Financial Inc. now owns 55,643 shares of the biotechnology company's stock valued at $1,643,000 after purchasing an additional 463 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of 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 period. 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 valued at $50,000 after buying an additional 515 shares during the last quarter. Finally, Quantinno Capital Management LP raised its stake in shares of 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 buying an additional 518 shares during the last quarter.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Eric Mosbrooker sold 6,563 shares of the business's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $47.07, for a total transaction of $308,920.41. Following the completion of the sale, the insider owned 55,000 shares in the company, valued at approximately $2,588,850. The trade was a 10.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Teresa Mccarthy sold 10,000 shares of the business's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $46.56, for a total transaction of $465,600.00. Following the sale, the insider owned 97,130 shares of the company's stock, valued at $4,522,372.80. This trade represents a 9.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 531,910 shares of company stock worth $24,025,002 in the last ninety days. Insiders own 3.83% of the company's stock.

Avidity Biosciences Stock Performance

NASDAQ:RNA traded down $0.78 during mid-day trading on Monday, reaching $49.58. 1,057,978 shares of the company's stock were exchanged, compared to its average volume of 1,883,796. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The firm has a market capitalization of $6.38 billion, a PE ratio of -13.90 and a beta of 0.99. The business's fifty day simple moving average is $39.24 and its two-hundred day simple moving average is $33.21.

Analysts Set New Price Targets

A number of research analysts have weighed in on RNA shares. Wolfe Research assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 target price on the stock. Barclays restated an "overweight" rating and issued a $62.00 price target (up previously from $59.00) on shares of Avidity Biosciences in a research note on Friday, August 8th. Wells Fargo & Company boosted their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $96.00 target price on shares of Avidity Biosciences in a report on Friday, June 27th. Finally, Evercore ISI reissued an "outperform" rating and set a $70.00 price target on shares of Avidity Biosciences in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the company's stock. According to MarketBeat.com, Avidity Biosciences presently has a consensus rating of "Buy" and an average target price of $67.00.

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.