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

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

Other hedge funds have also recently modified their holdings of the company. TD Waterhouse Canada Inc. increased its position in shares of Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after buying an additional 866 shares during the period. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at about $38,000. Headlands Technologies LLC purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at about $60,000. KBC Group NV increased its position in shares of Avidity Biosciences by 99.0% during the fourth 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 during the period. Finally, US Bancorp DE increased its position in shares of Avidity Biosciences by 25.2% during the fourth quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock valued at $191,000 after buying an additional 1,324 shares during the period.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CFO Michael F. Maclean sold 7,935 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 96,720 shares of the company's stock, valued at approximately $3,004,123.20. This represents a 7.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $27.83, for a total transaction of $163,501.25. Following the sale, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,406,917.82. This represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,803 shares of company stock worth $1,877,437. Corporate insiders own 3.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RNA shares. BMO Capital Markets started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price target on the stock. Citigroup assumed coverage on shares of Avidity Biosciences in a research report on Thursday, March 13th. They set a "buy" rating and a $70.00 price target on the stock. Scotiabank assumed coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price objective on the stock. Barclays dropped their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Finally, HC Wainwright dropped their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $66.38.

Avidity Biosciences Stock Up 0.6%

Shares of NASDAQ RNA traded up $0.19 during midday trading on Thursday, hitting $30.81. The stock had a trading volume of 662,057 shares, compared to its average volume of 1,436,508. The business's 50 day moving average is $29.15 and its 200-day moving average is $32.70. The company has a market cap of $3.71 billion, a P/E ratio of -10.70 and a beta of 1.00. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00.

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

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.