Avidity Biosciences, Inc. $RNA Shares Bought by EFG Asset Management North America Corp.

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

A number of other institutional investors also recently bought and sold shares of the business. Amalgamated Bank raised 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 buying an additional 418 shares during the last quarter. Corebridge Financial Inc. raised its position in Avidity Biosciences by 0.8% during the 1st quarter. Corebridge Financial Inc. now owns 55,643 shares of the biotechnology company's stock worth $1,643,000 after buying an additional 463 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Avidity Biosciences by 9.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,135 shares of the biotechnology company's stock valued at $181,000 after purchasing an additional 514 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after purchasing an additional 515 shares in the last quarter. Finally, Quantinno Capital Management LP increased its holdings in shares of Avidity Biosciences by 8.0% during the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock valued at $204,000 after purchasing an additional 518 shares in the last quarter.

Avidity Biosciences Trading Up 3.9%

RNA traded up $1.89 on Friday, hitting $50.36. 7,389,845 shares of the company's stock were exchanged, compared to its average volume of 2,364,779. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The firm has a 50-day moving average price of $39.24 and a 200-day moving average price of $33.21. The stock has a market cap of $6.48 billion, a price-to-earnings ratio of -14.15 and a beta of 0.99.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RNA shares. Citigroup lifted their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Sanford C. Bernstein started coverage on shares of Avidity Biosciences in a report on Tuesday, June 24th. They set an "outperform" rating and a $50.00 target price for the company. 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 report on Thursday, July 10th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $96.00 target price on shares of Avidity Biosciences in a report on Friday, June 27th. Finally, Wolfe Research initiated coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They set an "outperform" rating and a $55.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the stock. According to MarketBeat.com, Avidity Biosciences presently has a consensus rating of "Buy" and an average price target of $67.00.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 50,000 shares of Avidity Biosciences stock in a transaction on Friday, September 5th. The shares were sold at an average price of $49.95, for a total transaction of $2,497,500.00. Following the sale, the chief executive officer 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Eric Mosbrooker sold 6,563 shares of Avidity Biosciences stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $47.07, for a total transaction of $308,920.41. Following the sale, the insider directly owned 55,000 shares in the company, valued at approximately $2,588,850. This trade represents a 10.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 531,910 shares of company stock worth $24,025,002 over the last 90 days. Corporate insiders own 3.83% of the company's stock.

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.