Deutsche Bank AG Increases Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Deutsche Bank AG raised its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 18.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 193,586 shares of the biotechnology company's stock after acquiring an additional 30,340 shares during the period. Deutsche Bank AG owned approximately 0.16% of Avidity Biosciences worth $5,629,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RNA. TD Waterhouse Canada Inc. grew its holdings in shares of Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 866 shares in the last quarter. Van ECK Associates Corp acquired a new position in shares of Avidity Biosciences in the fourth quarter valued at approximately $38,000. Headlands Technologies LLC acquired a new position in shares of Avidity Biosciences in the fourth quarter valued at approximately $60,000. KBC Group NV grew 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 in the last quarter. Finally, US Bancorp DE lifted its stake in Avidity Biosciences by 25.2% in the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after acquiring an additional 1,324 shares during the last quarter.

Wall Street Analysts Forecast Growth

RNA has been the subject of a number of recent research reports. Scotiabank initiated coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price target for the company. Bank of America decreased their price target on shares of Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, March 10th. BMO Capital Markets initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price target for the company. HC Wainwright decreased their price target 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. Finally, Citigroup initiated coverage on shares of Avidity Biosciences in a research note on Thursday, March 13th. They issued a "buy" rating and a $70.00 price target for the company. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $66.38.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded down $0.23 during trading on Friday, hitting $30.58. 455,159 shares of the company were exchanged, compared to its average volume of 1,437,911. The stock has a market capitalization of $3.69 billion, a P/E ratio of -10.62 and a beta of 1.00. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The firm's 50 day moving average price is $29.09 and its 200-day moving average price is $32.40.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). The business had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Activity

In other news, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total value of $163,501.25. Following the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at $1,406,917.82. The trade was a 10.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Michael F. Maclean sold 7,935 shares of Avidity Biosciences stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $246,461.10. Following the completion of the transaction, the chief financial officer now directly owns 96,720 shares in the company, valued at $3,004,123.20. The trade was a 7.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock valued at $1,877,437 in the last ninety days. 3.83% of the stock is currently owned by company insiders.

Avidity Biosciences 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.