Nuveen LLC Acquires Shares of 431,211 Avidity Biosciences, Inc. $RNA

Key Points

• Nuveen LLC has invested approximately $12.73 million in Avidity Biosciences, acquiring 431,211 shares, representing 0.36% of the company.
• Avidity Biosciences has received multiple analyst upgrades, with price targets increased by firms like Wells Fargo to $75.00 and Bank of America to $54.00, indicating a generally positive outlook.
• Insider transactions indicate significant selling activity, with a director selling over 173,000 shares in a week, leading to notable decreases in their ownership positions.

Nuveen LLC acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 431,211 shares of the biotechnology company's stock, valued at approximately $12,729,000. Nuveen LLC owned about 0.36% of Avidity Biosciences as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. TD Waterhouse Canada Inc. increased its holdings in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after buying an additional 866 shares during the period. Parallel Advisors LLC increased its holdings in Avidity Biosciences by 43.3% in the 1st 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 period. GF Fund Management CO. LTD. acquired a new position in Avidity Biosciences in the 4th quarter worth approximately $73,000. IFP Advisors Inc increased its holdings in Avidity Biosciences by 123.2% in the 1st 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 during the period. Finally, Amalgamated Bank increased its holdings in Avidity Biosciences by 12.0% in the 1st 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 period.

Avidity Biosciences Stock Performance

Avidity Biosciences stock traded up $0.77 during trading on Wednesday, reaching $47.82. The company had a trading volume of 1,399,907 shares, compared to its average volume of 3,569,645. The firm's 50-day simple moving average is $36.66 and its 200 day simple moving average is $32.47. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $56.00. The firm has a market capitalization of $6.15 billion, a PE ratio of -13.43 and a beta of 0.95.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RNA. The Goldman Sachs Group upgraded shares of Avidity Biosciences to a "buy" rating and set a $55.00 price target on the stock in a report on Thursday, July 10th. Barclays reiterated an "overweight" rating and issued a $62.00 price target (up previously from $59.00) on shares of Avidity Biosciences in a report on Friday, August 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Friday, June 27th. Sanford C. Bernstein began coverage on shares of Avidity Biosciences in a research note on Tuesday, June 24th. They set an "outperform" rating and a $50.00 price objective on the stock. Finally, Chardan Capital reaffirmed a "buy" rating and set a $75.00 price objective on shares of Avidity Biosciences in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the stock. According to MarketBeat, Avidity Biosciences currently has a consensus rating of "Buy" and a consensus target price of $67.00.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, Director Troy Edward Wilson sold 65,554 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $45.00, for a total value of $2,949,930.00. Following the transaction, the director owned 17,776 shares in the company, valued at approximately $799,920. This trade represents a 78.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Arthur A. Levin sold 107,500 shares of the firm's stock in a transaction on 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 transaction, the director owned 19,650 shares in the company, valued at $935,733. The trade was a 84.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 456,034 shares of company stock worth $20,165,737 in the last ninety days. 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.