Invesco Ltd. Purchases 193,376 Shares of Avidity Biosciences, Inc. $RNA

Key Points

• Invesco Ltd. increased its stake in Avidity Biosciences by 204.1%, owning 288,139 shares worth approximately $8.5 million after purchasing an additional 193,376 shares.
• Several institutional investors, including Janus Henderson Group PLC and Fiera Capital Corp, have also significantly increased their holdings in Avidity Biosciences during recent quarters.
• Analyst ratings for Avidity Biosciences are generally positive, with a consensus rating of "Buy" and a price target averaging around $67.00.

Invesco Ltd. lifted its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 204.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 288,139 shares of the biotechnology company's stock after purchasing an additional 193,376 shares during the period. Invesco Ltd. owned about 0.24% of Avidity Biosciences worth $8,506,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in RNA. Janus Henderson Group PLC grew its holdings 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 worth $205,134,000 after purchasing an additional 2,156,844 shares during the last quarter. Boxer Capital Management LLC bought a new position in shares of Avidity Biosciences in the fourth quarter worth approximately $50,232,000. Fiera Capital Corp grew its holdings 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 worth $22,798,000 after purchasing an additional 371,121 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in shares of Avidity Biosciences by 40.8% in the fourth quarter. Driehaus Capital Management LLC now owns 1,228,058 shares of the biotechnology company's stock worth $35,712,000 after purchasing an additional 356,114 shares during the last quarter. Finally, Woodline Partners LP grew its holdings in shares of Avidity Biosciences by 27.7% in the fourth quarter. Woodline Partners LP now owns 865,820 shares of the biotechnology company's stock worth $25,178,000 after purchasing an additional 187,666 shares during the last quarter.

Avidity Biosciences Trading Down 2.3%

Shares of Avidity Biosciences stock opened at $45.27 on Tuesday. The firm has a market capitalization of $5.82 billion, a P/E ratio of -12.72 and a beta of 0.95. The business has a fifty day simple moving average of $35.94 and a two-hundred day simple moving average of $32.26. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00.

Analyst Ratings Changes

RNA has been the subject of a number of research analyst reports. Chardan Capital reaffirmed a "buy" rating and issued a $75.00 price target on shares of Avidity Biosciences in a research note on Friday, August 8th. 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. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Friday, June 27th. Evercore ISI reaffirmed an "outperform" rating and issued a $70.00 price target on shares of Avidity Biosciences in a research note on Friday, July 11th. Finally, JPMorgan Chase & Co. raised their price target on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $67.00.

Insider Buying and Selling at Avidity Biosciences

In other 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 value 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider W. Michael Flanagan sold 20,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the transaction, the insider directly owned 80,195 shares of the company's stock, valued at approximately $2,636,811.60. This represents a 19.96% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 456,034 shares of company stock valued at $20,165,737. Company 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.

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