Deutsche Bank AG Has $5.45 Million Stake in Avidity Biosciences, Inc. $RNA

Key Points

• Deutsche Bank AG reduced its holdings in Avidity Biosciences by 4.6%, now owning approximately 184,615 shares valued at $5.45 million.
• Multiple institutional investors, including Price T Rowe Associates and Janus Henderson, have increased their stakes in Avidity Biosciences significantly during the last quarter.
• Avidity Biosciences' stock currently has a market cap of $5.98 billion and an average price target of $67.00 according to analysts, with a consensus rating of "Buy."

Deutsche Bank AG decreased its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 4.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 184,615 shares of the biotechnology company's stock after selling 8,971 shares during the period. Deutsche Bank AG owned approximately 0.15% of Avidity Biosciences worth $5,450,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in RNA. Janus Henderson Group PLC increased its position in shares of 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 acquiring an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC bought a new stake in shares of Avidity Biosciences during the fourth quarter worth $50,232,000. Avoro Capital Advisors LLC increased its position in shares of 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 acquiring an additional 625,000 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of 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 acquiring an additional 408,861 shares in the last quarter. Finally, Fiera Capital Corp increased its position in shares of Avidity Biosciences by 92.5% during the first quarter. Fiera Capital Corp now owns 772,300 shares of the biotechnology company's stock worth $22,798,000 after acquiring an additional 371,121 shares in the last quarter.

Avidity Biosciences Price Performance

RNA stock traded down $0.46 during trading hours on Tuesday, reaching $44.02. The stock had a trading volume of 2,223,172 shares, compared to its average volume of 1,844,389. The stock has a market capitalization of $5.66 billion, a PE ratio of -12.37 and a beta of 0.95. The stock has a 50-day simple moving average of $34.63 and a 200 day simple moving average of $31.88. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00.

Wall Street Analysts Forecast Growth

RNA has been the subject of several research reports. Bank of America increased their price objective on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. JPMorgan Chase & Co. raised their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Raymond James Financial initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 target price for the company. HC Wainwright decreased their target price 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. Finally, Citigroup raised their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. One research analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $67.00.

Insider Activity at Avidity Biosciences

In other news, Director Arthur A. Levin sold 107,500 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were 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 approximately $935,733. This trade represents a 84.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven George Hughes sold 81,434 shares of the firm's stock in a transaction dated 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 sale, the insider owned 38,867 shares of the company's stock, valued at approximately $1,661,175.58. This represents a 67.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 453,826 shares of company stock worth $20,063,286 in the last quarter. 3.83% of the stock is owned by corporate insiders.

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.