Deutsche Bank AG Reduces Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Deutsche Bank AG trimmed its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 4.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 184,615 shares of the biotechnology company’s stock after selling 8,971 shares during the period. Deutsche Bank AG’s holdings in Avidity Biosciences were worth $5,450,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Amalgamated Bank grew its stake in Avidity Biosciences by 12.0% in the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock worth $116,000 after acquiring an additional 418 shares during the period. Parallel Advisors LLC grew its stake in Avidity Biosciences by 43.3% in the 1st 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. Quantinno Capital Management LP grew its stake in Avidity Biosciences by 8.0% in the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock worth $204,000 after acquiring an additional 518 shares during the period. Natixis Advisors LLC grew its stake in shares of Avidity Biosciences by 3.8% during the 1st quarter. Natixis Advisors LLC now owns 14,095 shares of the biotechnology company’s stock valued at $416,000 after buying an additional 518 shares during the period. Finally, GF Fund Management CO. LTD. grew its stake in shares of Avidity Biosciences by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 3,055 shares of the biotechnology company’s stock valued at $90,000 after buying an additional 550 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on RNA shares. HC Wainwright lowered their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, May 12th. Wells Fargo & Company boosted their price objective on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, August 8th. Wolfe Research started coverage on shares of Avidity Biosciences in a research note on Tuesday, June 17th. They set an “outperform” rating and a $55.00 price objective for the company. Evercore ISI reissued an “outperform” rating and set a $70.00 price objective on shares of Avidity Biosciences in a research note on Friday, July 11th. Finally, The Goldman Sachs Group raised shares of Avidity Biosciences to a “buy” rating and set a $55.00 price objective for the company in a research note on Thursday, July 10th. Seventeen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently 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 W. Michael Flanagan sold 20,000 shares of the business’s stock in a transaction 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 transaction, the insider owned 80,195 shares in the company, valued at $2,636,811.60. The trade was a 19.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Eric Mosbrooker sold 130,807 shares of the business’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $44.06, for a total transaction of $5,763,356.42. Following the completion of the transaction, the insider owned 55,000 shares in the company, valued at $2,423,300. This represents a 70.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 453,826 shares of company stock worth $20,063,286 over the last three months. Insiders own 3.83% of the company’s stock.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $46.47 on Friday. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The firm has a market capitalization of $5.98 billion, a P/E ratio of -13.05 and a beta of 0.95. The company’s fifty day moving average price is $34.39 and its two-hundred day moving average price is $31.80.

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.