Legato Capital Management LLC Invests $301,000 in Avidity Biosciences, Inc. (NASDAQ:RNA)

Legato Capital Management LLC acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,337 shares of the biotechnology company’s stock, valued at approximately $301,000.

Other large investors have also modified their holdings of the company. abrdn plc raised its stake in Avidity Biosciences by 80.8% in the fourth quarter. abrdn plc now owns 44,912 shares of the biotechnology company’s stock valued at $1,306,000 after buying an additional 20,076 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of Avidity Biosciences by 12.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 25,298 shares of the biotechnology company’s stock worth $736,000 after buying an additional 2,772 shares during the last quarter. KBC Group NV increased its holdings in shares of Avidity Biosciences by 99.0% in the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock valued at $130,000 after purchasing an additional 2,226 shares during the period. Aaron Wealth Advisors LLC increased its stake in Avidity Biosciences by 6.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock valued at $236,000 after buying an additional 504 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Avidity Biosciences during the fourth quarter worth about $1,179,000.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RNA. Royal Bank of Canada reaffirmed an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. TD Cowen upped their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. HC Wainwright restated a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a report on Friday, January 10th. Finally, Chardan Capital restated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and an average target price of $65.80.

Insider Activity

In other news, CFO Michael F. Maclean sold 3,287 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $93,975.33. Following the transaction, the chief financial officer now owns 104,655 shares of the company’s stock, valued at approximately $2,992,086.45. This trade represents a 3.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the transaction, the director now owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 157,461 shares of company stock worth $5,397,477. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Stock Performance

RNA stock opened at $32.31 on Friday. The firm has a market cap of $3.85 billion, a P/E ratio of -11.22 and a beta of 1.00. The stock has a 50-day simple moving average of $31.52 and a 200-day simple moving average of $39.78. Avidity Biosciences, Inc. has a 1 year low of $13.21 and a 1 year high of $56.00.

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.