Avidity Biosciences, Inc. $RNA Shares Acquired by Citigroup Inc.

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. raised its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 98.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 377,279 shares of the biotechnology company's stock after purchasing an additional 187,325 shares during the period. 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 recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in Avidity Biosciences by 3.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock worth $321,127,000 after purchasing an additional 408,861 shares during the last quarter. Avoro Capital Advisors LLC increased its position in Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock worth $218,100,000 after purchasing an additional 625,000 shares during the last quarter. Janus Henderson Group PLC increased its position in Avidity Biosciences by 44.1% during the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock worth $205,134,000 after purchasing an additional 2,156,844 shares during the last quarter. Boxer Capital Management LLC purchased a new stake in Avidity Biosciences during the fourth quarter worth approximately $50,232,000. Finally, Driehaus Capital Management LLC grew its stake in Avidity Biosciences by 40.8% during the fourth quarter. Driehaus Capital Management LLC now owns 1,228,058 shares of the biotechnology company's stock worth $35,712,000 after buying an additional 356,114 shares during the period.

Avidity Biosciences Price Performance

RNA traded down $0.46 during trading on Tuesday, hitting $44.02. The company had a trading volume of 2,223,177 shares, compared to its average volume of 1,844,545. The company has a market cap of $5.66 billion, a PE ratio of -12.37 and a beta of 0.95. The business has a 50-day moving average of $34.63 and a 200-day moving average of $31.88. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $56.00.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Eric Mosbrooker sold 130,807 shares of the stock in a transaction on Wednesday, August 6th. The shares were 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 of the company's stock, valued at approximately $2,423,300. This represents a 70.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Teresa Mccarthy sold 10,000 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $46.56, for a total transaction of $465,600.00. Following the sale, the insider directly owned 97,130 shares in the company, valued at $4,522,372.80. This trade represents a 9.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 453,826 shares of company stock valued at $20,063,286 in the last ninety days. 3.83% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on RNA. 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. Chardan Capital reiterated a "buy" rating and set a $75.00 price objective on shares of Avidity Biosciences in a research note on Friday, August 8th. Barclays reiterated an "overweight" rating and set a $62.00 price objective (up from $59.00) on shares of Avidity Biosciences in a research note on Friday, August 8th. HC Wainwright decreased 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 note on Monday, May 12th. Finally, Wells Fargo & Company boosted their price objective 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. One analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average 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.