Driehaus Capital Management LLC Boosts Stake in Avidity Biosciences, Inc. $RNA

Key Points

• Driehaus Capital Management increased its stake in Avidity Biosciences by 3.5%, acquiring an additional 42,873 shares during the first quarter, bringing its total ownership to approximately 1.05% of the company, valued at $37.5 million.
• Several analysts have boosted their price targets for Avidity Biosciences, with Citigroup raising its target to $75.00 while maintaining a "buy" rating, contributing to a consensus rating of "buy" and an average target price of $67.00.
• Insider trading activity has been notable, with insiders selling 456,034 shares of Avidity Biosciences stock over the last quarter, indicating a 9.33% decrease in ownership for one insider following significant sales.

Driehaus Capital Management LLC increased its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,270,931 shares of the biotechnology company's stock after acquiring an additional 42,873 shares during the period. Driehaus Capital Management LLC owned approximately 1.05% of Avidity Biosciences worth $37,518,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNA. Janus Henderson Group PLC grew its position in Avidity Biosciences by 44.1% in the fourth 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 in the last quarter. Boxer Capital Management LLC purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $50,232,000. Wellington Management Group LLP boosted its position in shares of Avidity Biosciences by 19.5% during the first quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock valued at $285,888,000 after buying an additional 1,578,459 shares during the period. T. Rowe Price Investment Management Inc. purchased a new position in shares of Avidity Biosciences during the first quarter valued at approximately $22,765,000. Finally, Nuveen LLC purchased a new position in shares of Avidity Biosciences during the first quarter valued at approximately $12,729,000.

Insider Buying and Selling

In other Avidity Biosciences news, Director Troy Edward Wilson sold 65,554 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $45.00, for a total value of $2,949,930.00. Following the sale, the director directly owned 17,776 shares of the company's stock, valued at approximately $799,920. This represents a 78.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sarah Boyce sold 25,000 shares of the company's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $49.39, for a total transaction of $1,234,750.00. Following the completion of the sale, the chief executive officer directly owned 305,871 shares in the company, valued at approximately $15,106,968.69. The trade was a 7.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 475,159 shares of company stock valued at $21,209,667 in the last 90 days. 3.83% of the stock is currently owned by insiders.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA traded down $2.00 during mid-day trading on Monday, hitting $46.58. The stock had a trading volume of 1,435,883 shares, compared to its average volume of 3,381,143. The company has a 50 day moving average of $37.39 and a two-hundred day moving average of $32.66. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The firm has a market cap of $5.99 billion, a PE ratio of -13.08 and a beta of 0.99.

Wall Street Analyst Weigh In

Several research analysts have issued reports on RNA shares. Barclays restated an "overweight" rating and set a $62.00 target price (up previously from $59.00) on shares of Avidity Biosciences in a research report on Friday, August 8th. The Goldman Sachs Group upgraded Avidity Biosciences to a "buy" rating and set a $55.00 target price for the company in a research report on Thursday, July 10th. Wells Fargo & Company boosted their target price on Avidity Biosciences from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Chardan Capital restated a "buy" rating and set a $75.00 target price on shares of Avidity Biosciences in a research report on Friday, August 8th. Finally, Bank of America boosted their target price on Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research report on Monday, June 9th. One investment analyst has rated the stock with a Strong Buy rating and seventeen have assigned a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $67.00.

About Avidity Biosciences

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.