EFG Asset Management North America Corp. Has $4.81 Million Position in Avidity Biosciences, Inc. $RNA

EFG Asset Management North America Corp. increased its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 9.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 169,532 shares of the biotechnology company’s stock after buying an additional 14,112 shares during the quarter. EFG Asset Management North America Corp. owned 0.14% of Avidity Biosciences worth $4,814,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Westside Investment Management Inc. acquired a new position in shares of Avidity Biosciences in the second quarter valued at approximately $29,000. IFP Advisors Inc boosted its holdings 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 last quarter. Amalgamated Bank boosted its holdings 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 last quarter. Russell Investments Group Ltd. boosted its holdings 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 last quarter. Finally, Strs Ohio bought a new stake in Avidity Biosciences in the first quarter valued at approximately $180,000.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $69.83 on Wednesday. The stock has a market capitalization of $10.19 billion, a price-to-earnings ratio of -19.62 and a beta of 0.97. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $70.51. The stock’s 50 day moving average price is $49.28 and its two-hundred day moving average price is $39.31.

Insider Activity at Avidity Biosciences

In other news, insider Steven George Hughes sold 2,209 shares of the company’s stock in a transaction that occurred on Wednesday, October 22nd. The stock was sold at an average price of $47.54, for a total transaction of $105,015.86. Following the transaction, the insider directly owned 38,867 shares of the company’s stock, valued at $1,847,737.18. This represents a 5.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Troy Edward Wilson sold 29,500 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $50.00, for a total value of $1,475,000.00. Following the transaction, the director directly owned 54,425 shares in the company, valued at $2,721,250. The trade was a 35.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 154,438 shares of company stock valued at $7,588,537 over the last three months. 3.83% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RNA. HC Wainwright cut Avidity Biosciences from a “buy” rating to a “neutral” rating and reduced their target price for the company from $87.00 to $72.00 in a report on Monday, October 27th. Barclays reiterated an “overweight” rating and issued a $62.00 target price (up from $59.00) on shares of Avidity Biosciences in a report on Friday, August 8th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $72.00 target price (up from $61.00) on shares of Avidity Biosciences in a report on Tuesday, October 28th. Wolfe Research cut Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Finally, Bank of America upped their target price on Avidity Biosciences from $56.00 to $65.00 and gave the company a “buy” rating in a report on Monday, September 15th. Nine analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Avidity Biosciences presently has an average rating of “Hold” and an average price target of $69.24.

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.