Cormorant Asset Management LP Sells 650,000 Shares of Avidity Biosciences, Inc. $RNA

Key Points

• Cormorant Asset Management LP reduced its holdings in Avidity Biosciences by 61.9% during the 1st quarter, selling 650,000 shares and owning 400,000 shares afterward.
• Avidity Biosciences shares have recently seen strong interest from other institutional investors, with Parallel Advisors LLC increasing its stake by 43.3% during the same period.
• Research firms are optimistic about Avidity Biosciences, with multiple upgrades of price targets, including Bank of America's adjustment from $48.00 to $54.00 and Citigroup's increase from $70.00 to $75.00.

Cormorant Asset Management LP cut its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 61.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 400,000 shares of the biotechnology company's stock after selling 650,000 shares during the quarter. Avidity Biosciences accounts for about 0.9% of Cormorant Asset Management LP's portfolio, making the stock its 27th biggest position. Cormorant Asset Management LP owned approximately 0.33% of Avidity Biosciences worth $11,808,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of RNA. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Avidity Biosciences by 291.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company's stock worth $492,000 after buying an additional 11,594 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Avidity Biosciences by 43.3% in the 1st 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 boosted its stake in shares of Avidity Biosciences by 12.0% in the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after buying an additional 418 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Avidity Biosciences by 106.1% in the 4th quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock worth $798,000 after buying an additional 14,129 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of Avidity Biosciences by 47.3% in the 1st quarter. New York State Common Retirement Fund now owns 272,279 shares of the biotechnology company's stock worth $8,038,000 after buying an additional 87,468 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RNA. Barclays restated an "overweight" rating and issued a $62.00 target price (up previously from $59.00) on shares of Avidity Biosciences in a research note on Friday, August 8th. Bank of America boosted their target price on Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. JPMorgan Chase & Co. boosted their target price on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Wells Fargo & Company boosted their target price on Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Finally, Chardan Capital restated a "buy" rating and set a $75.00 price target on shares of Avidity Biosciences in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $67.00.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, 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 owned 97,130 shares in the company, valued at $4,522,372.80. This represents a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Mosbrooker sold 6,563 shares of Avidity Biosciences stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $47.07, for a total value of $308,920.41. Following the completion of the transaction, the insider owned 55,000 shares of the company's stock, valued at approximately $2,588,850. This trade represents a 10.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 531,910 shares of company stock worth $24,025,002 in the last ninety days. Insiders own 3.83% of the company's stock.

Avidity Biosciences Trading Up 3.9%

Shares of RNA stock traded up $1.89 during trading hours on Friday, hitting $50.36. 7,389,845 shares of the company were exchanged, compared to its average volume of 2,364,779. The firm has a fifty day simple moving average of $39.24 and a 200 day simple moving average of $33.21. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00. The stock has a market capitalization of $6.48 billion, a price-to-earnings ratio of -14.15 and a beta of 0.99.

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.