Deutsche Bank AG Sells 8,971 Shares of 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 lowered its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 4.6% during the 1st quarter, according to its most recent filing with the SEC. The firm 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 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its stake in shares of Avidity Biosciences by 3.8% in the 4th 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 period. Avoro Capital Advisors LLC raised its stake in Avidity Biosciences by 9.1% during the 4th 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 during the period. Janus Henderson Group PLC raised its stake in Avidity Biosciences by 44.1% during the 4th 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 during the period. Boxer Capital Management LLC bought a new stake in shares of Avidity Biosciences during the fourth quarter valued at approximately $50,232,000. Finally, Driehaus Capital Management LLC raised its position in shares of 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 valued at $35,712,000 after buying an additional 356,114 shares during the last quarter.

Avidity Biosciences Trading Up 0.7%

Shares of RNA traded up $0.32 during trading hours on Thursday, reaching $44.66. 1,220,806 shares of the company traded hands, compared to its average volume of 3,897,126. The firm has a market cap of $5.75 billion, a price-to-earnings ratio of -12.54 and a beta of 0.95. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The stock's fifty day moving average price is $35.33 and its 200 day moving average price is $32.14.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RNA. Citigroup lifted their price objective on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Raymond James Financial initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 price objective for the company. Sanford C. Bernstein initiated coverage on shares of Avidity Biosciences in a research note on Tuesday, June 24th. They set an "outperform" rating and a $50.00 price objective for the company. The Goldman Sachs Group raised shares of Avidity Biosciences to a "buy" rating and set a $55.00 price objective for the company in a research note on Thursday, July 10th. Finally, Wolfe Research began coverage on shares of Avidity Biosciences in a research note on Tuesday, June 17th. They set an "outperform" rating and a $55.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the company. According to MarketBeat, Avidity Biosciences currently has an average rating of "Buy" and a consensus price target of $67.00.

Insider Transactions at Avidity Biosciences

In related news, insider Eric Mosbrooker sold 130,807 shares of Avidity Biosciences stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $44.06, for a total value of $5,763,356.42. Following the completion of the sale, the insider directly owned 55,000 shares in the company, valued at $2,423,300. The trade was a 70.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Steven George Hughes sold 81,434 shares of Avidity Biosciences stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $42.74, for a total value of $3,480,489.16. Following the completion of the sale, the insider owned 38,867 shares of the company's stock, valued at $1,661,175.58. The trade was a 67.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 453,826 shares of company stock valued at $20,063,286 over the last three months. 3.83% of the stock is currently 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.