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

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

Several other hedge funds also recently added to or reduced their stakes in the business. TD Waterhouse Canada Inc. grew its stake 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 buying an additional 866 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after purchasing an additional 515 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Avidity Biosciences during the 4th quarter worth approximately $60,000. GF Fund Management CO. LTD. acquired a new position in shares of Avidity Biosciences in the fourth quarter worth $73,000. Finally, IFP Advisors Inc boosted its holdings in Avidity Biosciences by 123.2% in the first quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company's stock valued at $96,000 after purchasing an additional 1,787 shares during the period.

Insider Buying and Selling

In other Avidity Biosciences news, insider W. Michael Flanagan sold 20,000 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the transaction, the insider owned 80,195 shares in the company, valued at approximately $2,636,811.60. This represents a 19.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kathleen P. Gallagher sold 911 shares of the business's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $30.24, for a total transaction of $27,548.64. Following the sale, the insider owned 50,392 shares in the company, valued at $1,523,854.08. The trade was a 1.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,786 shares of company stock worth $875,969. Company insiders own 3.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RNA. Raymond James Financial assumed coverage on Avidity Biosciences in a research note on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 price objective for the company. HC Wainwright reduced their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Citigroup raised their price target on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Barclays increased their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $96.00 target price on shares of Avidity Biosciences in a research report on Friday, June 27th. Sixteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Avidity Biosciences has a consensus rating of "Buy" and a consensus target price of $66.35.

Avidity Biosciences Price Performance

Shares of RNA stock traded down $0.79 during mid-day trading on Friday, hitting $35.92. The stock had a trading volume of 2,254,318 shares, compared to its average volume of 2,798,632. The firm has a market cap of $4.33 billion, a PE ratio of -11.97 and a beta of 0.95. The company's 50-day simple moving average is $31.98 and its 200-day simple moving average is $30.76. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share 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 analysts' expectations of $2.63 million. Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. On average, analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

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.