Mitsubishi UFJ Asset Management Co. Ltd. Acquires 514 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 9.1% during the first quarter, HoldingsChannel.com reports. The fund owned 6,135 shares of the biotechnology company’s stock after purchasing an additional 514 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Avidity Biosciences were worth $181,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its position in Avidity Biosciences by 3.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company’s stock valued at $321,127,000 after acquiring an additional 408,861 shares during the last quarter. Avoro Capital Advisors LLC boosted its stake in shares of Avidity Biosciences by 9.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock valued at $218,100,000 after purchasing an additional 625,000 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Avidity Biosciences by 44.1% during the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock valued at $205,134,000 after purchasing an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC acquired a new stake in shares of Avidity Biosciences during the fourth quarter valued at about $50,232,000. Finally, Driehaus Capital Management LLC boosted its stake in shares of Avidity Biosciences by 40.8% during the fourth quarter. Driehaus Capital Management LLC now owns 1,228,058 shares of the biotechnology company’s stock valued at $35,712,000 after purchasing an additional 356,114 shares in the last quarter.

Wall Street Analyst Weigh In

RNA has been the topic of a number of recent research reports. Evercore ISI reissued an “outperform” rating and set a $70.00 price target on shares of Avidity Biosciences in a research note on Friday, July 11th. Raymond James Financial initiated coverage on Avidity Biosciences in a research note on Wednesday, June 11th. They set a “strong-buy” rating and a $65.00 price target on the stock. Barclays reissued an “overweight” rating and set a $62.00 price target (up from $59.00) on shares of Avidity Biosciences in a research note on Friday, August 8th. Bank of America lifted their price target 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, The Goldman Sachs Group raised Avidity Biosciences to a “buy” rating and set a $55.00 price objective on the stock in a research note on Thursday, July 10th. Seventeen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and an average price target of $67.00.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Eric Mosbrooker sold 130,807 shares of the business’s stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $44.06, for a total value of $5,763,356.42. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider W. Michael Flanagan sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the sale, the insider owned 80,195 shares of the company’s stock, valued at approximately $2,636,811.60. This represents a 19.96% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 443,826 shares of company stock valued at $19,597,686. 3.83% of the stock is owned by insiders.

Avidity Biosciences Stock Performance

Shares of RNA opened at $46.07 on Friday. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00. The business’s 50 day moving average price is $34.19 and its two-hundred day moving average price is $31.71. The firm has a market cap of $5.93 billion, a PE ratio of -15.36 and a beta of 0.95.

About Avidity Biosciences

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.