Citigroup Inc. Raises Stock Holdings in Avidity Biosciences, Inc. $RNA

Key Points

• Citigroup Inc. has increased its holdings in Avidity Biosciences by 98.6%, owning approximately 0.31% of the company with shares valued at $11,137,000 as of the latest SEC filing.
• Several other institutional investors have also increased their stakes during the first quarter, including Amalgamated Bank and Mitsubishi UFJ Asset Management, highlighting growing interest in the biotechnology firm.
• Avidity Biosciences has received positive ratings from analysts, with an average consensus price target of $67.00 and multiple analysts issuing "overweight" or "buy" ratings.

Citigroup Inc. boosted its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 98.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 377,279 shares of the biotechnology company's stock after acquiring an additional 187,325 shares during the quarter. Citigroup Inc. owned 0.31% of Avidity Biosciences worth $11,137,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Avidity Biosciences by 291.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company's stock valued at $492,000 after purchasing an additional 11,594 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after buying an additional 515 shares during the last quarter. Amalgamated Bank grew its position 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 buying an additional 418 shares during the period. Ameriprise Financial Inc. increased its holdings in Avidity Biosciences by 106.1% during the fourth quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock valued at $798,000 after buying an additional 14,129 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in Avidity Biosciences by 47.3% in the first quarter. New York State Common Retirement Fund now owns 272,279 shares of the biotechnology company's stock worth $8,038,000 after acquiring an additional 87,468 shares during the period.

Insider Buying and Selling

In other Avidity Biosciences news, insider W. Michael Flanagan sold 20,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the transaction, the insider directly owned 80,195 shares in the company, valued at $2,636,811.60. This represents a 19.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Steven George Hughes sold 81,434 shares of the business's stock in a transaction on 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 completion of the transaction, the insider directly owned 38,867 shares in the company, valued at $1,661,175.58. This trade represents a 67.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold 453,826 shares of company stock worth $20,063,286 in the last quarter. 3.83% of the stock is owned by insiders.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded up $0.32 during mid-day trading on Thursday, reaching $44.66. The company's stock had a trading volume of 1,220,806 shares, compared to its average volume of 3,897,126. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The stock has a fifty day moving average of $35.33 and a two-hundred day moving average of $32.14. The firm has a market capitalization of $5.75 billion, a PE ratio of -12.54 and a beta of 0.95.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RNA. HC Wainwright cut their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Sanford C. Bernstein began coverage on Avidity Biosciences in a report on Tuesday, June 24th. They set an "outperform" rating and a $50.00 price target for the company. Raymond James Financial started coverage on Avidity Biosciences in a research report on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 price target for the company. Citigroup lifted their price objective on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, Evercore ISI reiterated an "outperform" rating and set a $70.00 price objective on shares of Avidity Biosciences in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have assigned a Buy rating to the company. According to data from MarketBeat.com, Avidity Biosciences presently has an average rating of "Buy" and a consensus price target 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.