Alyeska Investment Group L.P. Has $2.95 Million Stake in Avidity Biosciences, Inc. $RNA

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. raised 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 firm owned 100,000 shares of the biotechnology company's stock after acquiring an additional 50,000 shares during the quarter. Alyeska Investment Group L.P. owned 0.08% of Avidity Biosciences worth $2,952,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in RNA. MPM Bioimpact LLC lifted its stake in shares of Avidity Biosciences by 1.6% in the first quarter. MPM Bioimpact LLC now owns 714,224 shares of the biotechnology company's stock valued at $21,084,000 after purchasing an additional 11,243 shares during the period. Frazier Life Sciences Management L.P. acquired a new stake in shares of Avidity Biosciences in the 1st quarter worth approximately $15,498,000. Royal Bank of Canada raised its holdings in Avidity Biosciences by 38.2% during the first quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company's stock worth $1,308,000 after purchasing an additional 12,241 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in Avidity Biosciences by 3.5% in the first quarter. Driehaus Capital Management LLC now owns 1,270,931 shares of the biotechnology company's stock valued at $37,518,000 after purchasing an additional 42,873 shares during the last quarter. Finally, Corebridge Financial Inc. raised its stake 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 worth $1,643,000 after buying an additional 463 shares during the last quarter.

Avidity Biosciences Price Performance

Shares of RNA traded down $5.36 during midday trading on Thursday, reaching $41.04. The stock had a trading volume of 11,323,748 shares, compared to its average volume of 2,509,986. The firm's 50 day moving average price is $40.58 and its 200-day moving average price is $33.59. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The company has a market capitalization of $5.28 billion, a P/E ratio of -11.53 and a beta of 0.99.

Insider Activity at Avidity Biosciences

In other news, Director Troy Edward Wilson sold 29,500 shares of the business's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $50.00, for a total transaction of $1,475,000.00. Following the sale, the director owned 54,425 shares in the company, valued at $2,721,250. The trade was a 35.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah Boyce sold 50,000 shares of the business's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $49.95, for a total transaction of $2,497,500.00. Following the transaction, the chief executive officer directly owned 305,871 shares in the company, valued at $15,278,256.45. The trade was a 14.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 541,410 shares of company stock valued at $24,842,402. Corporate insiders own 3.83% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on RNA shares. Barclays reiterated an "overweight" rating and issued a $62.00 price target (up from $59.00) on shares of Avidity Biosciences in a research report on Friday, August 8th. Chardan Capital restated a "buy" rating and issued a $75.00 price objective on shares of Avidity Biosciences in a research report on Wednesday. Needham & Company LLC boosted their target price on shares of Avidity Biosciences from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday. Wells Fargo & Company lifted their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Friday, June 27th. One research analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the company. Based on data from MarketBeat, Avidity Biosciences has an average rating of "Buy" and an average target price of $67.28.

Avidity Biosciences Company 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.