Avidity Biosciences, Inc. $RNA Stock Holdings Lessened by Siren L.L.C.

Key Points

• Siren L.L.C. reduced its holdings in Avidity Biosciences by 1.5%, now owning approximately 1.9% of the company, valued at about $32.8 million.
• Several large institutional investors have increased their positions in Avidity Biosciences, with Wellington Management Group raising its stake by 19.5% and Janus Henderson Group increasing theirs by 44.1%.
• Avidity Biosciences has received multiple upgrades from analysts, including a target price increase to $75.00 from Citigroup, reflecting a strong analyst consensus rating of Buy.

Siren L.L.C. decreased its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 1.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,110,610 shares of the biotechnology company's stock after selling 16,685 shares during the period. Avidity Biosciences accounts for 1.9% of Siren L.L.C.'s portfolio, making the stock its 16th largest position. Siren L.L.C. owned about 0.92% of Avidity Biosciences worth $32,785,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in Avidity Biosciences by 2.7% during the first 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 during the last quarter. Wellington Management Group LLP increased its position in shares of Avidity Biosciences by 19.5% in the first quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock worth $285,888,000 after acquiring an additional 1,578,459 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Avidity Biosciences by 44.1% in the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock worth $205,134,000 after acquiring an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC acquired a new stake in shares of Avidity Biosciences in the fourth quarter worth $50,232,000. Finally, Driehaus Capital Management LLC increased its position in shares of Avidity Biosciences by 40.8% in the fourth quarter. Driehaus Capital Management LLC now owns 1,228,058 shares of the biotechnology company's stock worth $35,712,000 after acquiring an additional 356,114 shares in the last quarter.

Insider Activity

In other Avidity Biosciences news, insider Eric Mosbrooker sold 130,807 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $44.06, for a total transaction of $5,763,356.42. Following the transaction, the insider directly owned 55,000 shares in the company, valued at $2,423,300. This represents a 70.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Troy Edward Wilson sold 65,554 shares of the stock in a transaction on 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 transaction, the director owned 17,776 shares in the company, valued at $799,920. This trade represents a 78.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 481,034 shares of company stock worth $21,400,487 over the last ninety days. Insiders own 3.83% of the company's stock.

Avidity Biosciences Price Performance

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RNA shares. JPMorgan Chase & Co. increased their price objective on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. 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. Wolfe Research initiated coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They set an "outperform" rating and a $55.00 price target for the company. The Goldman Sachs Group raised shares of Avidity Biosciences to a "buy" rating and set a $55.00 price target for the company in a report on Thursday, July 10th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $96.00 price target on shares of Avidity Biosciences in a report on Friday, June 27th. One analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the stock. Based on data from MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and an average price target of $67.00.

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.