EFG Asset Management North America Corp. Boosts Position in Avidity Biosciences, Inc. $RNA

Key Points

• EFG Asset Management North America Corp. increased its holdings in Avidity Biosciences by 30.1%, now owning approximately 155,420 shares valued at $4.6 million.
• Various hedge funds, including Parallel Advisors LLC and Russell Investments Group Ltd., have also significantly increased their positions in Avidity Biosciences during the first quarter of 2023.
• Brokerages such as Wells Fargo and Bank of America have raised their price targets for Avidity Biosciences, indicating a positive outlook with a consensus price target of $67.00.

EFG Asset Management North America Corp. boosted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 30.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 155,420 shares of the biotechnology company's stock after purchasing an additional 35,917 shares during the quarter. EFG Asset Management North America Corp. owned about 0.13% of Avidity Biosciences worth $4,586,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in Avidity Biosciences by 2.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,338,098 shares of the biotechnology company's stock worth $334,701,000 after purchasing an additional 295,275 shares during the period. Wellington Management Group LLP boosted its position in shares of Avidity Biosciences by 19.5% in 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 acquiring an additional 1,578,459 shares during the period. Janus Henderson Group PLC boosted its position in shares of 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 valued at $205,134,000 after acquiring an additional 2,156,844 shares during the period. Driehaus Capital Management LLC boosted its position in shares of Avidity Biosciences by 3.5% in the first quarter. Driehaus Capital Management LLC now owns 1,270,931 shares of the biotechnology company's stock valued at $37,518,000 after acquiring an additional 42,873 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Avidity Biosciences by 11.2% in the fourth quarter. Northern Trust Corp now owns 1,079,434 shares of the biotechnology company's stock valued at $31,390,000 after acquiring an additional 108,303 shares during the period.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock traded down $1.42 during trading hours on Tuesday, hitting $46.63. 1,875,331 shares of the company's stock traded hands, compared to its average volume of 1,894,101. The stock has a market capitalization of $6.00 billion, a price-to-earnings ratio of -13.12 and a beta of 0.99. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The company has a fifty day simple moving average of $39.64 and a 200-day simple moving average of $33.33.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RNA shares. The Goldman Sachs Group raised shares of Avidity Biosciences to a "buy" rating and set a $55.00 target price for the company in a research report on Thursday, July 10th. Barclays reaffirmed an "overweight" rating and issued a $62.00 price target (up previously from $59.00) on shares of Avidity Biosciences in a research note on Friday, August 8th. Wells Fargo & Company boosted their price target on Avidity Biosciences from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. HC Wainwright lowered their target price on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Finally, Bank of America increased their price target on Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a report on Monday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $67.00.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 107,500 shares of Avidity Biosciences stock in a transaction dated Wednesday, August 6th. The stock was 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. The trade was a 84.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sarah Boyce sold 50,000 shares of Avidity Biosciences stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $49.95, for a total value of $2,497,500.00. Following the transaction, the chief executive officer directly owned 305,871 shares of the company's stock, valued at $15,278,256.45. The trade was a 14.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 531,910 shares of company stock worth $24,025,002 in the last three months. Corporate insiders own 3.83% of the company's stock.

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.