Assenagon Asset Management S.A. Has $507,000 Position in Avidity Biosciences, Inc. $RNA

Key Points

• Assenagon Asset Management S.A. lowered its position in Avidity Biosciences by 91.4% in Q2, selling 189,504 shares and currently holding 17,868 shares worth $507,000.
• Insider transactions included Director Troy Edward Wilson selling 65,554 shares and insider Eric Mosbrooker selling 130,807 shares, representing significant decreases in their ownership.
• Avidity Biosciences' stock has seen a price target increase from analysts, with estimates ranging from $50.00 to $87.00, indicating a positive outlook for the company's growth potential.

Assenagon Asset Management S.A. lowered its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 91.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,868 shares of the biotechnology company's stock after selling 189,504 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Avidity Biosciences were worth $507,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of RNA. Parallel Advisors LLC grew its holdings in Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after purchasing an additional 515 shares during the period. GF Fund Management CO. LTD. grew its holdings in Avidity Biosciences by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 3,055 shares of the biotechnology company's stock valued at $90,000 after purchasing an additional 550 shares during the period. IFP Advisors Inc grew its holdings in Avidity Biosciences by 123.2% during the first 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 period. Amalgamated Bank grew its holdings in Avidity Biosciences by 12.0% during the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock valued at $116,000 after purchasing an additional 418 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in Avidity Biosciences by 149.2% during the first quarter. Russell Investments Group Ltd. now owns 4,378 shares of the biotechnology company's stock valued at $129,000 after purchasing an additional 2,621 shares during the period.

Avidity Biosciences Trading Up 5.2%

Shares of RNA opened at $42.95 on Friday. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The firm has a fifty day simple moving average of $42.84 and a 200 day simple moving average of $34.53. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of -12.06 and a beta of 0.99.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, Director Troy Edward Wilson sold 65,554 shares of the company's stock in a transaction 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 sale, the director directly owned 17,776 shares of the company's stock, valued at approximately $799,920. This represents a 78.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Eric Mosbrooker sold 130,807 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $44.06, for a total transaction of $5,763,356.42. Following the sale, the insider directly owned 55,000 shares in the company, valued at $2,423,300. This trade represents a 70.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 542,707 shares of company stock valued at $24,904,454 in the last three months. 3.83% of the stock is currently owned by insiders.

Analysts Set New Price Targets

RNA has been the subject of a number of analyst reports. Roth Capital initiated coverage on shares of Avidity Biosciences in a report on Wednesday, September 17th. They set a "buy" rating and a $62.00 price objective for the company. Chardan Capital reiterated a "buy" rating and issued a $75.00 price target on shares of Avidity Biosciences in a report on Wednesday, September 10th. HC Wainwright upped their price target on shares of Avidity Biosciences from $68.00 to $87.00 and gave the company a "buy" rating in a report on Friday, September 12th. Sanford C. Bernstein initiated coverage on shares of Avidity Biosciences in a report on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 price target for the company. Finally, The Goldman Sachs Group upgraded shares of Avidity Biosciences to a "buy" rating and set a $55.00 price target for the company in a report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating and eighteen have issued a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $68.32.

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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