Vanguard Group Inc. Decreases Holdings in Avidity Biosciences, Inc. $RNA

Vanguard Group Inc. lowered its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,243,205 shares of the biotechnology company's stock after selling 188,706 shares during the quarter. Vanguard Group Inc. owned 7.67% of Avidity Biosciences worth $272,859,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Amalgamated Bank raised its holdings in Avidity Biosciences by 12.0% during the 1st 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 last quarter. Parallel Advisors LLC raised its position in Avidity Biosciences by 43.3% during the 1st 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 last quarter. Quantinno Capital Management LP lifted its holdings in Avidity Biosciences by 8.0% in the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock worth $204,000 after buying an additional 518 shares during the period. Natixis Advisors LLC grew its position in shares of Avidity Biosciences by 3.8% in the 1st quarter. Natixis Advisors LLC now owns 14,095 shares of the biotechnology company's stock worth $416,000 after buying an additional 518 shares during the last quarter. Finally, GF Fund Management CO. LTD. increased its stake in shares of 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 buying an additional 550 shares during the period.

Insider Buying and Selling at Avidity Biosciences

In other news, Director Arthur A. Levin sold 107,500 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $47.62, for a total value of $5,119,150.00. Following the completion of the sale, the director directly owned 19,650 shares of the company's stock, valued at $935,733. This represents a 84.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Eric Mosbrooker sold 130,807 shares of the stock in a transaction on 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 owned 55,000 shares of the company's stock, valued at $2,423,300. The trade was a 70.40% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 453,826 shares of company stock valued at $20,063,286. 3.83% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

RNA has been the subject of several research reports. Wolfe Research began coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price objective for the company. Wells Fargo & Company lifted their price objective on Avidity Biosciences from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. The Goldman Sachs Group raised Avidity Biosciences to a "buy" rating and set a $55.00 target price for the company in a research report on Thursday, July 10th. HC Wainwright dropped their price target on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, Raymond James Financial initiated coverage on Avidity Biosciences in a research report on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $67.00.

Avidity Biosciences Stock Performance

Shares of RNA stock traded down $0.46 during mid-day trading on Tuesday, reaching $44.02. 2,223,177 shares of the company's stock traded hands, compared to its average volume of 3,842,517. The firm has a market capitalization of $5.66 billion, a PE ratio of -12.37 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 firm has a 50 day moving average price of $34.83 and a two-hundred day moving average price of $31.96.

Avidity Biosciences Company 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.