Avidity Biosciences, Inc. $RNA Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its stake in Avidity Biosciences by 5.6%, selling 60,952 shares and now holding approximately 1,018,482 shares valued at $30,066,000.
• Multiple institutional investors have increased their stakes in Avidity Biosciences, with Janus Henderson Group PLC raising its position by 44.1%, acquiring over 2 million additional shares.
• Insider selling activity has been notable, with key executives selling significant shares, including Steven George Hughes and Troy Edward Wilson, which may indicate some concern about stock performance.

Northern Trust Corp lowered its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 5.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,018,482 shares of the biotechnology company's stock after selling 60,952 shares during the period. Northern Trust Corp owned about 0.85% of Avidity Biosciences worth $30,066,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of RNA. Parallel Advisors LLC increased its position 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 purchasing an additional 515 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Avidity Biosciences in the fourth quarter valued at about $73,000. IFP Advisors Inc lifted its stake in shares of Avidity Biosciences by 123.2% in the first quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company's stock worth $96,000 after buying an additional 1,787 shares in 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 worth $116,000 after acquiring an additional 418 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Avidity Biosciences by 149.2% during the 1st quarter. Russell Investments Group Ltd. now owns 4,378 shares of the biotechnology company's stock valued at $129,000 after acquiring an additional 2,621 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RNA. Wolfe Research assumed coverage on Avidity Biosciences in a report on Tuesday, June 17th. They set 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 set an "outperform" rating and a $50.00 price target for the company. HC Wainwright lowered their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Evercore ISI reiterated an "outperform" rating and issued a $70.00 price objective on shares of Avidity Biosciences in a research note on Friday, July 11th. Finally, Bank of America raised their price objective on shares of Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a report on Monday, June 9th. One analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $67.00.

Insiders Place Their Bets

In other news, insider Teresa Mccarthy sold 10,000 shares of Avidity Biosciences stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $46.56, for a total value of $465,600.00. Following the sale, the insider owned 97,130 shares of the company's stock, valued at $4,522,372.80. The trade was a 9.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Troy Edward Wilson sold 65,554 shares of Avidity Biosciences 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 completion of the sale, the director directly owned 17,776 shares in the company, valued at approximately $799,920. The trade was a 78.67% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 475,347 shares of company stock valued at $21,218,582. Corporate insiders own 3.83% of the company's stock.

Avidity Biosciences Stock Performance

NASDAQ RNA traded up $0.40 during trading on Thursday, reaching $47.99. The company's stock had a trading volume of 795,255 shares, compared to its average volume of 1,851,912. The firm has a market cap of $6.17 billion, a price-to-earnings ratio of -13.48 and a beta of 0.99. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The business's fifty day moving average price is $38.44 and its 200-day moving average price is $32.96.

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.