Avidity Biosciences, Inc. $RNA Shares Bought by Alyeska Investment Group L.P.

Key Points

• Alyeska Investment Group L.P. has increased its stake in Avidity Biosciences by 100%, acquiring 50,000 additional shares, bringing its total holdings to 100,000 shares worth approximately $2.95 million.
• Several major investors, including Price T Rowe Associates and Wellington Management, have also boosted their stakes in Avidity Biosciences, reflecting significant institutional interest in the company.
• Avidity Biosciences has received positive analyst ratings, with a consensus target price of $67.00 and multiple upgrades from firms such as Goldman Sachs and Cantor Fitzgerald.

Alyeska Investment Group L.P. lifted its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 100.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 100,000 shares of the biotechnology company's stock after purchasing an additional 50,000 shares during the quarter. Alyeska Investment Group L.P. owned 0.08% of Avidity Biosciences worth $2,952,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Parallel Advisors LLC lifted its holdings in shares of Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after acquiring an additional 515 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Avidity Biosciences in the 4th quarter worth approximately $73,000. IFP Advisors Inc increased its position in shares of Avidity Biosciences by 123.2% during the 1st quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company's stock valued at $96,000 after purchasing an additional 1,787 shares during the last quarter. Amalgamated Bank raised its holdings in Avidity Biosciences by 12.0% during 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. Finally, Russell Investments Group Ltd. lifted its position in Avidity Biosciences by 149.2% in the first quarter. Russell Investments Group Ltd. now owns 4,378 shares of the biotechnology company's stock worth $129,000 after buying an additional 2,621 shares during the last quarter.

Analysts Set New Price Targets

A number of research analysts have weighed in on RNA shares. The Goldman Sachs Group upgraded shares of Avidity Biosciences to a "buy" rating and set a $55.00 price objective on the stock in a research report on Thursday, July 10th. Sanford C. Bernstein initiated coverage on shares of Avidity Biosciences in a report on Tuesday, June 24th. They set an "outperform" rating and a $50.00 price target on the stock. Wolfe Research started coverage on shares of Avidity Biosciences in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price objective for the company. Raymond James Financial started coverage on Avidity Biosciences in a research note on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 target price on the stock. Finally, Needham & Company LLC raised their price target on Avidity Biosciences from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $67.28.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 107,500 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $47.62, for a total transaction of $5,119,150.00. Following the completion of the sale, the director owned 19,650 shares in the company, valued at $935,733. This represents a 84.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Troy Edward Wilson sold 65,554 shares of Avidity Biosciences stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $45.00, for a total value of $2,949,930.00. Following the completion of the transaction, the director owned 17,776 shares in the company, valued at $799,920. This represents a 78.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 541,410 shares of company stock worth $24,842,402 over the last quarter. Corporate insiders own 3.83% of the company's stock.

Avidity Biosciences Trading Down 0.3%

Shares of NASDAQ RNA traded down $0.13 during trading hours on Wednesday, reaching $46.49. The stock had a trading volume of 1,968,084 shares, compared to its average volume of 1,901,583. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00. The firm has a market cap of $5.98 billion, a price-to-earnings ratio of -13.02 and a beta of 0.99. The business's fifty day moving average price is $40.00 and its two-hundred day moving average price is $33.42.

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.