Frazier Life Sciences Management L.P. Makes New Investment in Avidity Biosciences, Inc. $RNA

Key Points

• Frazier Life Sciences Management L.P. has invested approximately $15.50 million in Avidity Biosciences by acquiring 525,000 shares, making it the firm’s 28th largest position.
• Avidity Biosciences' stock has been volatile, trading down 4.1% recently, with a 12-month low of $21.51 and a high of $56.00.
• Analyst sentiment appears positive, with 17 buy ratings and a consensus price target of $67.00 for Avidity Biosciences' shares.

Frazier Life Sciences Management L.P. purchased a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 525,000 shares of the biotechnology company's stock, valued at approximately $15,498,000. Avidity Biosciences makes up about 0.7% of Frazier Life Sciences Management L.P.'s portfolio, making the stock its 28th biggest holding. Frazier Life Sciences Management L.P. owned 0.44% of Avidity Biosciences at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RNA. Janus Henderson Group PLC raised its position in Avidity Biosciences by 44.1% during 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. Wellington Management Group LLP raised 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 purchasing an additional 1,578,459 shares during the period. T. Rowe Price Investment Management Inc. bought a new position in shares of Avidity Biosciences in the first quarter valued at about $22,765,000. Nuveen LLC bought a new position in shares of Avidity Biosciences in the first quarter valued at about $12,729,000. Finally, Fiera Capital Corp raised its position in shares of Avidity Biosciences by 92.5% in the first quarter. Fiera Capital Corp now owns 772,300 shares of the biotechnology company's stock valued at $22,798,000 after purchasing an additional 371,121 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RNA. Wolfe Research began coverage on shares of Avidity Biosciences in a research report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price objective on the stock. Bank of America increased their price objective on shares of Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Chardan Capital reissued a "buy" rating and issued a $75.00 price objective on shares of Avidity Biosciences in a research report on Friday, August 8th. HC Wainwright dropped their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, The Goldman Sachs Group raised shares of Avidity Biosciences to a "buy" rating and set a $55.00 price objective on the stock in a research report on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the company's stock. Based on data from MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and a consensus price target of $67.00.

Avidity Biosciences Stock Performance

Shares of RNA stock traded up $0.88 on Thursday, hitting $48.47. The company's stock had a trading volume of 1,507,508 shares, compared to its average volume of 2,505,013. The stock's 50 day moving average is $38.82 and its 200-day moving average is $33.07. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The company has a market capitalization of $6.24 billion, a PE ratio of -13.62 and a beta of 0.99.

Insiders Place Their Bets

In other Avidity Biosciences news, Director Troy Edward Wilson sold 65,554 shares of the stock in a transaction dated 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 sale, the director directly owned 17,776 shares in the company, valued at $799,920. This represents a 78.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Arthur A. Levin sold 107,500 shares of the 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 sale, the director owned 19,650 shares in the company, valued at $935,733. The trade was a 84.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 475,347 shares of company stock valued at $21,218,582 in the last three months. Insiders own 3.83% of the company's stock.

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.