MPM Bioimpact LLC Has $21.08 Million Stake in Avidity Biosciences, Inc. $RNA

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 boosted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 1.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 714,224 shares of the biotechnology company's stock after purchasing an additional 11,243 shares during the quarter. Avidity Biosciences comprises 3.6% of MPM Bioimpact LLC's portfolio, making the stock its 10th largest holding. MPM Bioimpact LLC owned approximately 0.59% of Avidity Biosciences worth $21,084,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in RNA. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Avidity Biosciences by 291.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company's stock worth $492,000 after buying an additional 11,594 shares during the last quarter. Parallel Advisors LLC lifted 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 during the last quarter. Amalgamated Bank lifted its holdings in shares of Avidity Biosciences by 12.0% during the first 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. Ameriprise Financial Inc. lifted its holdings in shares of 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 last quarter. Finally, New York State Common Retirement Fund lifted its holdings in shares of Avidity Biosciences by 47.3% during the first quarter. New York State Common Retirement Fund now owns 272,279 shares of the biotechnology company's stock worth $8,038,000 after buying an additional 87,468 shares during the last quarter.

Avidity Biosciences Trading Down 4.1%

Shares of NASDAQ RNA opened at $46.58 on Tuesday. The business has a fifty day simple moving average of $37.74 and a 200 day simple moving average of $32.76. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of -13.08 and a beta of 0.99.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RNA. Wells Fargo & Company upped their price target on Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. JPMorgan Chase & Co. upped their price target on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Barclays reiterated an "overweight" rating and set a $62.00 price target (up from $59.00) on shares of Avidity Biosciences in a report on Friday, August 8th. Chardan Capital restated a "buy" rating and issued a $75.00 target price on shares of Avidity Biosciences in a research note on Friday, August 8th. Finally, HC Wainwright cut their target price on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Monday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the company. According to data from MarketBeat, Avidity Biosciences currently has a consensus rating of "Buy" and an average target price of $67.00.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 107,500 shares of the company's stock in a transaction on 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 sale, the director directly owned 19,650 shares in the company, valued at $935,733. This represents a 84.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 10,000 shares of the company's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $46.56, for a total value of $465,600.00. Following the completion of the sale, the insider owned 97,130 shares in the company, valued at $4,522,372.80. This trade represents a 9.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 475,159 shares of company stock valued at $21,209,667. 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.

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