Fiera Capital Corp Grows Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Fiera Capital Corp raised its position in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 92.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 772,300 shares of the biotechnology company's stock after acquiring an additional 371,121 shares during the quarter. Fiera Capital Corp owned approximately 0.64% of Avidity Biosciences worth $22,798,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in RNA. Mirae Asset Global Investments Co. Ltd. increased its position in Avidity Biosciences by 291.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company's stock worth $492,000 after acquiring an additional 11,594 shares during the period. Vanguard Group Inc. increased its position in Avidity Biosciences by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after acquiring an additional 205,027 shares during the period. Parallel Advisors LLC increased its position in Avidity Biosciences by 43.3% during the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after acquiring an additional 515 shares during the period. Amalgamated Bank increased its position in Avidity Biosciences by 12.0% during the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after acquiring an additional 418 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Avidity Biosciences by 106.1% during the fourth quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock worth $798,000 after acquiring an additional 14,129 shares during the period.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. The Goldman Sachs Group raised shares of Avidity Biosciences to a "buy" rating and set a $55.00 price target on the stock in a research report on Thursday, July 10th. Chardan Capital increased their price objective on shares of Avidity Biosciences from $65.00 to $75.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Sanford C. Bernstein began coverage on shares of Avidity Biosciences in a research note on Tuesday, June 24th. They set an "outperform" rating and a $50.00 price objective on the stock. Wolfe Research started coverage on shares of Avidity Biosciences in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price target on the stock. Finally, Evercore ISI reiterated an "outperform" rating and set a $70.00 target price on shares of Avidity Biosciences in a research report on Friday, July 11th. Sixteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $66.35.

Insiders Place Their Bets

In related news, insider W. Michael Flanagan sold 20,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the transaction, the insider directly owned 80,195 shares of the company's stock, valued at approximately $2,636,811.60. The trade was a 19.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $32.48, for a total transaction of $190,820.00. Following the completion of the transaction, the insider directly owned 50,554 shares in the company, valued at $1,641,993.92. This trade represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,786 shares of company stock worth $875,969 over the last ninety days. Insiders own 3.83% of the company's stock.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded down $0.79 during mid-day trading on Friday, hitting $35.92. The company had a trading volume of 2,254,318 shares, compared to its average volume of 1,634,745. The firm has a fifty day moving average price of $31.88 and a 200 day moving average price of $30.70. The company has a market capitalization of $4.33 billion, a PE ratio of -11.97 and a beta of 0.91. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly 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 for the quarter, compared to the consensus estimate of $2.63 million. Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. Research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share 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.