Avidity Biosciences, Inc. $RNA is MPM Bioimpact LLC's 10th Largest Position

Key Points

• MPM Bioimpact LLC increased its stake in Avidity Biosciences by 1.6%, now holding 714,224 shares valued at approximately $21.08 million.
• Brokerages are optimistic about Avidity Biosciences, with multiple analysts raising their price targets, including Wells Fargo & Company which increased its target from $70.00 to $75.00.
• Insider transactions revealed significant sales, with a director selling over 107,500 shares valued at approximately $5.12 million, indicating potential changes in insider confidence.

MPM Bioimpact LLC increased its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 1.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 714,224 shares of the biotechnology company's stock after buying an additional 11,243 shares during the period. Avidity Biosciences accounts for 3.6% of MPM Bioimpact LLC's holdings, making the stock its 10th largest position. MPM Bioimpact LLC owned 0.59% of Avidity Biosciences worth $21,084,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in RNA. Parallel Advisors LLC increased its holdings in shares of Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after buying an additional 515 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in Avidity Biosciences during the fourth quarter valued at $73,000. IFP Advisors Inc boosted its position in Avidity Biosciences by 123.2% during the first quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company's stock valued at $96,000 after acquiring an additional 1,787 shares during the last quarter. Amalgamated Bank boosted its position in Avidity Biosciences by 12.0% during the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock valued at $116,000 after acquiring an additional 418 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Avidity Biosciences by 149.2% during the 1st quarter. Russell Investments Group Ltd. now owns 4,378 shares of the biotechnology company's stock worth $129,000 after purchasing an additional 2,621 shares in the last quarter.

Avidity Biosciences Stock Performance

NASDAQ:RNA traded up $1.89 on Friday, hitting $50.36. The stock had a trading volume of 7,389,845 shares, compared to its average volume of 2,487,838. The stock has a market cap of $6.48 billion, a P/E ratio of -14.15 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 firm's fifty day simple moving average is $39.24 and its two-hundred day simple moving average is $33.21.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 107,500 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $47.62, for a total value of $5,119,150.00. Following the completion of the sale, the director owned 19,650 shares in the company, valued at approximately $935,733. This trade represents a 84.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Eric Mosbrooker sold 6,563 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $47.07, for a total transaction of $308,920.41. Following the completion of the sale, the insider owned 55,000 shares of the company's stock, 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. In the last 90 days, insiders have sold 531,910 shares of company stock worth $24,025,002. Company insiders own 3.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RNA shares. Wells Fargo & Company increased their price objective on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Bank of America increased their price objective on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Wolfe Research initiated coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 target price on the stock. Sanford C. Bernstein initiated coverage on shares of Avidity Biosciences in a report on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 target price on the stock. Finally, The Goldman Sachs Group upgraded shares of Avidity Biosciences to a "buy" rating and set a $55.00 target price on the stock in a report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $67.00.

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.