Candriam S.C.A. Increases Stock Position in Avidity Biosciences, Inc. $RNA

Key Points

• Candriam S.C.A. increased its holdings in Avidity Biosciences by 21.7% in the 1st quarter, owning approximately 439,099 shares valued at $12,962,000.
• Significant activity among institutional investors includes Mirae Asset Global Investments boosting its stake by 291.6% and Ameriprise Financial raising its position by 106.1% in recent quarters.
• Several analysts have rated Avidity Biosciences as a strong buy, with price targets reaching as high as $75.00, highlighting a positive outlook for the stock.

Candriam S.C.A. grew its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 21.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 439,099 shares of the biotechnology company's stock after purchasing an additional 78,389 shares during the quarter. Candriam S.C.A. owned approximately 0.36% of Avidity Biosciences worth $12,962,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of RNA. Mirae Asset Global Investments Co. Ltd. grew its holdings in Avidity Biosciences by 291.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company's stock valued at $492,000 after buying an additional 11,594 shares during the last quarter. Parallel Advisors LLC increased 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 worth $50,000 after purchasing an additional 515 shares in the last quarter. Amalgamated Bank increased its position in Avidity Biosciences by 12.0% during the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after purchasing an additional 418 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Avidity Biosciences by 106.1% in the 4th quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock valued at $798,000 after purchasing an additional 14,129 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in 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 valued at $8,038,000 after purchasing an additional 87,468 shares in the last quarter.

Insider Activity

In related news, Director Troy Edward Wilson sold 65,554 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $45.00, for a total transaction of $2,949,930.00. Following the completion of the sale, the director owned 17,776 shares of the company's stock, valued at approximately $799,920. This represents a 78.67% decrease in their position. The transaction was disclosed in a document filed 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 in the company, valued at $935,733. The trade was a 84.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 453,826 shares of company stock valued at $20,063,286 in the last 90 days. 3.83% of the stock is owned by corporate insiders.

Avidity Biosciences Stock Up 0.7%

Shares of NASDAQ RNA opened at $44.34 on Thursday. The stock has a market capitalization of $5.70 billion, a PE ratio of -12.46 and a beta of 0.95. The firm has a fifty day moving average of $35.08 and a 200-day moving average of $32.05. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on RNA shares. Citigroup lifted their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Raymond James Financial started coverage on shares of Avidity Biosciences in a research note on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 target price for the company. Chardan Capital reiterated a "buy" rating and issued a $75.00 price target on shares of Avidity Biosciences in a report on Friday, August 8th. HC Wainwright decreased their price objective on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, Wolfe Research began coverage on Avidity Biosciences in a research report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating and seventeen have assigned a Buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $67.00.

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.

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