10,337 Shares in Avidity Biosciences, Inc. (NASDAQ:RNA) Acquired by Legato Capital Management LLC

Legato Capital Management LLC purchased a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, Holdings Channel.com reports. The fund purchased 10,337 shares of the biotechnology company’s stock, valued at approximately $301,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new stake in shares of Avidity Biosciences in the 3rd quarter worth approximately $27,000. Allspring Global Investments Holdings LLC purchased a new position in Avidity Biosciences during the third quarter valued at approximately $30,000. Values First Advisors Inc. acquired a new stake in shares of Avidity Biosciences during the 3rd quarter valued at $32,000. Quest Partners LLC increased its position in Avidity Biosciences by 217.8% in the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after purchasing an additional 1,392 shares during the last quarter. Finally, KBC Group NV grew its stake in shares of Avidity Biosciences by 99.0% in the 4th quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock valued at $130,000 after buying an additional 2,226 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have commented on RNA. TD Cowen increased their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Chardan Capital restated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Finally, HC Wainwright reiterated a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Friday, January 10th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and a consensus target price of $65.80.

Insiders Place Their Bets

In related news, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the transaction, the director now owns 12,958 shares of the company’s stock, valued at $370,598.80. This trade represents a 12.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sarah Boyce sold 31,855 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the completion of the sale, the chief executive officer now owns 265,308 shares of the company’s stock, valued at approximately $8,664,959.28. This represents a 10.72 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 157,461 shares of company stock valued at $5,397,477. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Stock Performance

Shares of RNA opened at $32.31 on Friday. Avidity Biosciences, Inc. has a 52 week low of $13.21 and a 52 week high of $56.00. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of -11.22 and a beta of 1.00. The business’s fifty day moving average price is $31.52 and its two-hundred day moving average price is $39.78.

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.