Rhumbline Advisers Has $4.86 Million Stock Position in Avidity Biosciences, Inc. $RNA

Key Points

• Rhumbline Advisers increased its position in Avidity Biosciences by 7.1%, owning approximately 164,776 shares worth about $4.86 million at the end of the first quarter.
• Several other investors also increased their stakes, with Parallel Advisors LLC growing its investment by 43.3%, bringing its total to 1,705 shares valued at $50,000.
• Equities research analysts are bullish on Avidity Biosciences, with a consensus average target price of $68.33 and multiple firms issuing "buy" ratings.

Rhumbline Advisers increased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 7.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 164,776 shares of the biotechnology company's stock after purchasing an additional 10,973 shares during the period. Rhumbline Advisers owned approximately 0.14% of Avidity Biosciences worth $4,864,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in RNA. Parallel Advisors LLC grew its stake in 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 during the period. GF Fund Management CO. LTD. acquired a new stake in Avidity Biosciences during the fourth quarter worth approximately $73,000. IFP Advisors Inc grew its stake in Avidity Biosciences by 123.2% in 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 period. Amalgamated Bank grew its stake in Avidity Biosciences by 12.0% in 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 period. Finally, Russell Investments Group Ltd. grew its stake in Avidity Biosciences by 149.2% in the first 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 during the period.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Chardan Capital reissued a "buy" rating and issued a $75.00 price objective on shares of Avidity Biosciences in a research note on Wednesday. Wells Fargo & Company raised their price objective on Avidity Biosciences from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Sanford C. Bernstein assumed coverage on Avidity Biosciences in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 price objective for the company. Bank of America raised their price objective on Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $68.33.

Insider Activity at Avidity Biosciences

In related news, Director Troy Edward Wilson sold 65,554 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $45.00, for a total transaction of $2,949,930.00. Following the transaction, the director owned 17,776 shares of the company's stock, valued at $799,920. The trade was a 78.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Arthur A. Levin sold 107,500 shares of Avidity Biosciences stock in a transaction that occurred 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 transaction, the director directly owned 19,650 shares in the company, valued at approximately $935,733. The trade was a 84.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 541,410 shares of company stock valued at $24,842,402 over the last 90 days. Corporate insiders own 3.83% of the company's stock.

Avidity Biosciences Stock Up 9.0%

Shares of NASDAQ:RNA opened at $44.74 on Friday. The stock has a market cap of $5.76 billion, a price-to-earnings ratio of -12.57 and a beta of 0.99. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The business's 50 day moving average is $40.89 and its 200 day moving average is $33.72.

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.

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