Wellington Management Group LLP Has $285.89 Million Stock Holdings in Avidity Biosciences, Inc. $RNA

Key Points

• Wellington Management Group LLP boosted its stake in Avidity Biosciences by 19.5% in Q1, holding 9,684,556 shares valued at approximately $285.89 million as of the latest SEC filing.
• Avidity Biosciences is receiving favorable attention from analysts, with most rating the stock as a Buy and a consensus price target of $67.00.
• Insider selling occurred recently, with key figures offloading significant shares, including the sale of 65,554 shares by Director Troy Edward Wilson, marking a 78.67% decrease in ownership.

Wellington Management Group LLP increased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 19.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 9,684,556 shares of the biotechnology company's stock after purchasing an additional 1,578,459 shares during the period. Wellington Management Group LLP owned 8.04% of Avidity Biosciences worth $285,888,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Avidity Biosciences by 291.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company's stock worth $492,000 after purchasing an additional 11,594 shares during the period. Parallel Advisors LLC increased its position 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 acquiring an additional 515 shares during the period. Amalgamated Bank raised 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 purchasing an additional 418 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Avidity Biosciences by 106.1% in the fourth quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock valued at $798,000 after purchasing an additional 14,129 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in Avidity Biosciences by 47.3% in the first quarter. New York State Common Retirement Fund now owns 272,279 shares of the biotechnology company's stock valued at $8,038,000 after purchasing an additional 87,468 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Evercore ISI reaffirmed an "outperform" rating and issued a $70.00 price target on shares of Avidity Biosciences in a research note on Friday, July 11th. 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 report on Tuesday, June 10th. Sanford C. Bernstein assumed coverage on Avidity Biosciences in a report on Tuesday, June 24th. They set an "outperform" rating and a $50.00 price objective on the stock. 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 report on Friday, August 8th. Finally, Chardan Capital reissued a "buy" rating and set a $75.00 price objective on shares of Avidity Biosciences in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and seventeen have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $67.00.

Avidity Biosciences Stock Down 1.0%

Shares of Avidity Biosciences stock opened at $44.02 on Wednesday. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The stock has a market cap of $5.66 billion, a price-to-earnings ratio of -12.37 and a beta of 0.95. The company's fifty day moving average is $34.83 and its 200 day moving average is $31.96.

Insider Buying and Selling

In other news, Director Troy Edward Wilson sold 65,554 shares of the 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 owned 17,776 shares of the company's stock, valued at approximately $799,920. This represents a 78.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Eric Mosbrooker sold 130,807 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $44.06, for a total value of $5,763,356.42. Following the completion of the sale, the insider directly owned 55,000 shares of the company's stock, valued at approximately $2,423,300. The trade was a 70.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 453,826 shares of company stock valued at $20,063,286. Corporate insiders own 3.83% of the company's stock.

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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