Rafferty Asset Management LLC Trims Position in Avidity Biosciences, Inc. $RNA

Key Points

• Rafferty Asset Management LLC reduced its stake in Avidity Biosciences by 18.2% in Q1, selling 32,167 shares and retaining 144,817 shares valued at approximately $4.27 million.
• Insider transactions included significant sales, with Director Troy Edward Wilson selling 65,554 shares and Eric Mosbrooker selling 130,807 shares, marking a decrease of 78.67% and 70.40% in their positions, respectively.
• Analysts have set varied price targets for Avidity Biosciences, with Chardan Capital and Wells Fargo both issuing targets of $75, while JPMorgan raised its target to $59, reflecting an overall consensus rating of "Buy".

Rafferty Asset Management LLC decreased its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 18.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 144,817 shares of the biotechnology company's stock after selling 32,167 shares during the quarter. Rafferty Asset Management LLC owned about 0.12% of Avidity Biosciences worth $4,275,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of RNA. Price T Rowe Associates Inc. MD lifted its holdings in shares of Avidity Biosciences by 2.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,338,098 shares of the biotechnology company's stock worth $334,701,000 after purchasing an additional 295,275 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Avidity Biosciences by 19.5% in the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock worth $285,888,000 after purchasing an additional 1,578,459 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Avidity Biosciences by 44.1% in the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock worth $205,134,000 after purchasing an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC bought a new position in shares of Avidity Biosciences in the 4th quarter worth $50,232,000. Finally, Driehaus Capital Management LLC lifted its holdings in shares of Avidity Biosciences by 40.8% in the 4th quarter. Driehaus Capital Management LLC now owns 1,228,058 shares of the biotechnology company's stock worth $35,712,000 after purchasing an additional 356,114 shares in the last quarter.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 25,000 shares of Avidity Biosciences stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $49.39, for a total value of $1,234,750.00. Following the completion of the sale, the chief executive officer owned 305,871 shares of the company's stock, valued at approximately $15,106,968.69. This trade represents a 7.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Troy Edward Wilson sold 65,554 shares of Avidity Biosciences stock in a transaction dated 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 completion of the sale, the director directly owned 17,776 shares of the company's stock, valued at approximately $799,920. This trade represents a 78.67% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 481,034 shares of company stock worth $21,400,487. 3.83% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wolfe Research assumed coverage on Avidity Biosciences in a research note on Tuesday, June 17th. They set an "outperform" rating and a $55.00 price objective on the stock. Sanford C. Bernstein assumed coverage on Avidity Biosciences in a research note on Tuesday, June 24th. They set an "outperform" rating and a $50.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Cantor Fitzgerald restated an "overweight" rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Friday, June 27th. Finally, Raymond James Financial assumed coverage on Avidity Biosciences in a research note on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $67.00.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded down $2.00 during mid-day trading on Friday, reaching $46.58. 1,435,883 shares of the company's stock were exchanged, compared to its average volume of 3,381,143. The firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of -13.08 and a beta of 0.99. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The firm has a 50-day moving average price of $37.39 and a two-hundred day moving average price of $32.66.

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.