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 decreased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 61.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 400,000 shares of the biotechnology company's stock after selling 650,000 shares during the period. Avidity Biosciences makes up about 0.9% of Cormorant Asset Management LP's portfolio, making the stock its 27th largest position. Cormorant Asset Management LP owned approximately 0.33% of Avidity Biosciences worth $11,808,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Parallel Advisors LLC raised its holdings in Avidity Biosciences by 43.3% during the first 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. GF Fund Management CO. LTD. acquired a new position in Avidity Biosciences during the fourth quarter worth $73,000. IFP Advisors Inc raised its holdings in shares of Avidity Biosciences by 123.2% in the first quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company's stock valued at $96,000 after purchasing an additional 1,787 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Avidity Biosciences by 12.0% in the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock valued at $116,000 after purchasing an additional 418 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Avidity Biosciences by 149.2% in the first quarter. Russell Investments Group Ltd. now owns 4,378 shares of the biotechnology company's stock valued at $129,000 after purchasing an additional 2,621 shares during the last quarter.

Avidity Biosciences Price Performance

NASDAQ:RNA traded down $1.73 on Tuesday, reaching $46.33. 1,742,223 shares of the company's stock were exchanged, compared to its average volume of 1,893,243. The firm has a market cap of $5.96 billion, a price-to-earnings ratio of -13.00 and a beta of 0.99. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The stock has a fifty day simple moving average of $39.64 and a 200-day simple moving average of $33.33.

Insider Activity

In other news, insider Eric Mosbrooker sold 130,807 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $44.06, for a total value of $5,763,356.42. Following the completion of the transaction, the insider directly owned 55,000 shares in the company, valued at approximately $2,423,300. This trade represents a 70.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur A. Levin sold 107,500 shares of the firm's stock in a transaction that occurred on 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 transaction, the director owned 19,650 shares of the company's stock, valued at $935,733. This trade represents a 84.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 531,910 shares of company stock valued at $24,025,002. 3.83% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently commented on RNA shares. Wells Fargo & Company increased their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Evercore ISI reiterated an "outperform" rating and issued a $70.00 target price on shares of Avidity Biosciences in a report on Friday, July 11th. Raymond James Financial started coverage on shares of Avidity Biosciences in a report on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 target price for the company. JPMorgan Chase & Co. increased their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Finally, Barclays reiterated an "overweight" rating and issued a $62.00 target price (up previously from $59.00) on shares of Avidity Biosciences in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and seventeen have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price 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.