Voya Investment Management LLC Cuts Stock Position in Avidity Biosciences, Inc. $RNA

Key Points

• Voya Investment Management LLC has reduced its stake in Avidity Biosciences by 4.0%, now holding approximately 332,180 shares valued at $9.81 million.
• Multiple analysts have set price targets for Avidity Biosciences, with a consensus average target of $68.94 and several firms issuing "overweight" ratings.
• Insider sales have been significant, with CEO Sarah Boyce selling 50,000 shares and a total of 540,499 shares sold by insiders over the past 90 days.

Voya Investment Management LLC lessened its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 4.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 332,180 shares of the biotechnology company's stock after selling 14,006 shares during the quarter. Voya Investment Management LLC owned approximately 0.28% of Avidity Biosciences worth $9,806,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in RNA. Price T Rowe Associates Inc. MD increased its position in Avidity Biosciences by 2.7% during 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 buying an additional 295,275 shares during the period. Wellington Management Group LLP boosted its stake in shares of Avidity Biosciences by 19.5% during the first quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock valued at $285,888,000 after purchasing an additional 1,578,459 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in shares of Avidity Biosciences by 3.5% during the first quarter. Driehaus Capital Management LLC now owns 1,270,931 shares of the biotechnology company's stock valued at $37,518,000 after purchasing an additional 42,873 shares in the last quarter. Woodline Partners LP lifted its stake in shares of Avidity Biosciences by 27.7% in the fourth quarter. Woodline Partners LP now owns 865,820 shares of the biotechnology company's stock worth $25,178,000 after acquiring an additional 187,666 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Avidity Biosciences by 2.8% in the first quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company's stock worth $23,164,000 after acquiring an additional 21,649 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RNA shares. Wells Fargo & Company lifted their target price on Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Wolfe Research initiated coverage on Avidity Biosciences in a report on Tuesday, June 17th. They set an "outperform" rating and a $55.00 price objective for the company. Needham & Company LLC upped their price target on Avidity Biosciences from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, September 10th. Sanford C. Bernstein began coverage on Avidity Biosciences in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 price objective on the stock. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $96.00 price target on shares of Avidity Biosciences in a research report on Friday, June 27th. One research analyst has rated the stock with a Strong Buy rating and eighteen have assigned a Buy rating to the stock. According to MarketBeat.com, Avidity Biosciences currently has an average rating of "Buy" and an average price target of $68.58.

Avidity Biosciences Stock Down 1.8%

Shares of Avidity Biosciences stock traded down $0.75 on Friday, reaching $41.06. The company's stock had a trading volume of 4,845,059 shares, compared to its average volume of 3,789,561. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00. The company has a market capitalization of $5.99 billion, a price-to-earnings ratio of -11.53 and a beta of 0.99. The firm's fifty day simple moving average is $41.94 and its two-hundred day simple moving average is $34.09.

Insiders Place Their Bets

In other news, Director Troy Edward Wilson sold 65,554 shares of the business's 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 transaction, the director directly owned 17,776 shares in the company, valued at $799,920. The trade was a 78.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven George Hughes sold 81,434 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $42.74, for a total value of $3,480,489.16. Following the sale, the insider directly owned 38,867 shares in the company, valued at $1,661,175.58. The trade was a 67.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 540,499 shares of company stock valued at $24,814,854. Insiders own 3.83% of the company's stock.

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.