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

Legato Capital Management LLC purchased a new position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,337 shares of the biotechnology company's stock, valued at approximately $301,000.

A number of other institutional investors have also recently made changes to their positions in the company. abrdn plc boosted its stake in shares of Avidity Biosciences by 80.8% in the fourth quarter. abrdn plc now owns 44,912 shares of the biotechnology company's stock worth $1,306,000 after acquiring an additional 20,076 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in 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 boosted its stake in Avidity Biosciences by 99.0% during the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company's stock worth $130,000 after buying an additional 2,226 shares during the last quarter. Aaron Wealth Advisors LLC boosted its stake in Avidity Biosciences by 6.6% during the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company's stock worth $236,000 after buying an additional 504 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Avidity Biosciences during the fourth quarter worth $1,179,000.

Avidity Biosciences Stock Down 0.2 %

NASDAQ:RNA traded down $0.06 on Tuesday, reaching $32.26. The company's stock had a trading volume of 416,428 shares, compared to its average volume of 1,336,455. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of -11.20 and a beta of 1.00. Avidity Biosciences, Inc. has a 12-month low of $13.68 and a 12-month high of $56.00. The stock has a 50 day moving average price of $31.43 and a 200 day moving average price of $39.61.

Wall Street Analyst Weigh In

RNA has been the topic of a number of recent research reports. Needham & Company LLC reissued a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. HC Wainwright reissued a "buy" rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Friday, January 10th. TD Cowen boosted their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a research note on Monday, October 21st. Royal Bank of Canada reissued an "outperform" rating and set a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Finally, Chardan Capital reissued a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $65.80.

Insider Activity at Avidity Biosciences

In other news, Director Arthur A. Levin sold 1,872 shares of the company's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares of the company's stock, valued at approximately $370,598.80. This represents a 12.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sarah Boyce sold 31,855 shares of the company's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $1,040,384.30. Following the transaction, the chief executive officer now directly owns 265,308 shares of the company's stock, valued at approximately $8,664,959.28. This represents a 10.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,138 shares of company stock worth $4,229,012. 3.68% of the stock is currently owned by company insiders.

Avidity Biosciences Company 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.