Mirador Capital Partners LP Grows Stock Position in Avidity Biosciences, Inc. $RNA

Key Points

• Mirador Capital Partners LP has increased its position in Avidity Biosciences by 46.8%, owning 41,389 shares worth approximately $1.18 million after purchasing an additional 13,189 shares in the second quarter.
• Several institutional investors, including Rhumbline Advisers and Goldman Sachs, have also boosted their holdings in Avidity Biosciences, reflecting increased institutional interest in the company.
• Avidity Biosciences has received multiple buy ratings from analysts, with a consensus target price now at $68.94, indicating positive expectations for the company's growth.

Mirador Capital Partners LP boosted its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 46.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,389 shares of the biotechnology company's stock after buying an additional 13,189 shares during the period. Mirador Capital Partners LP's holdings in Avidity Biosciences were worth $1,175,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in RNA. Ameriprise Financial Inc. increased its position in Avidity Biosciences by 106.1% during the fourth quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock worth $798,000 after buying an additional 14,129 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at approximately $628,000. Millennium Management LLC grew its stake in shares of Avidity Biosciences by 29.2% in the 4th quarter. Millennium Management LLC now owns 23,941 shares of the biotechnology company's stock valued at $696,000 after purchasing an additional 5,405 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of Avidity Biosciences by 8.0% in 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 during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of Avidity Biosciences by 35.0% in the 4th quarter. ProShare Advisors LLC now owns 36,909 shares of the biotechnology company's stock valued at $1,073,000 after purchasing an additional 9,573 shares during the last quarter.

Avidity Biosciences Price Performance

RNA traded down $0.75 during trading on Friday, reaching $41.06. 4,845,059 shares of the stock were exchanged, compared to its average volume of 3,789,561. The company has a market capitalization of $5.99 billion, a price-to-earnings ratio of -11.53 and a beta of 0.99. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $56.00. The business's 50 day moving average price is $41.94 and its two-hundred day moving average price is $34.12.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Wolfe Research assumed coverage on Avidity Biosciences in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Citigroup lifted their target price on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Evercore ISI reiterated an "outperform" rating and issued a $70.00 target price on shares of Avidity Biosciences in a research note on Friday, July 11th. Finally, Raymond James Financial initiated coverage on Avidity Biosciences in a research note on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating and eighteen have given a Buy rating to the company. According to MarketBeat.com, Avidity Biosciences currently has an average rating of "Buy" and a consensus price target of $68.58.

Insider Buying and Selling

In related news, CEO Sarah Boyce sold 50,000 shares of the stock in a transaction on Friday, September 5th. The stock was 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. This trade represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Troy Edward Wilson sold 29,500 shares of the stock in a transaction on Friday, September 5th. The shares were sold at an average price of $50.00, for a total value of $1,475,000.00. Following the sale, the director directly owned 54,425 shares in the company, valued at approximately $2,721,250. The trade was a 35.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 540,499 shares of company stock valued at $24,814,854 in the last three months. 3.83% of the stock is owned by insiders.

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.