Mackenzie Financial Corp Acquires New Shares in Avidity Biosciences, Inc. (NASDAQ:RNA)

Key Points

• Mackenzie Financial Corp invested approximately $213,000 in Avidity Biosciences, acquiring 7,205 shares during the first quarter.
• Insider transactions saw significant sales, with Director Troy Edward Wilson and another insider, Steven George Hughes, selling over 146,000 shares combined, representing sizeable decreases in their ownership.
• Avidity Biosciences reported a negative earnings per share of ($0.90) for the last quarter, below analysts' expectations, while analysts maintain a “Buy” rating for the stock, with an average target price of $67.00.

Mackenzie Financial Corp purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 7,205 shares of the biotechnology company's stock, valued at approximately $213,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of RNA. Price T Rowe Associates Inc. MD raised its stake in Avidity Biosciences by 3.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company's stock worth $321,127,000 after buying an additional 408,861 shares during the period. Avoro Capital Advisors LLC lifted its holdings in shares of Avidity Biosciences by 9.1% in the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company's stock worth $218,100,000 after purchasing an additional 625,000 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Avidity Biosciences by 44.1% during the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock worth $205,134,000 after buying an additional 2,156,844 shares during the last quarter. Boxer Capital Management LLC acquired a new stake in shares of Avidity Biosciences in the 4th quarter worth about $50,232,000. Finally, Driehaus Capital Management LLC raised its holdings in shares of Avidity Biosciences by 40.8% in the 4th quarter. Driehaus Capital Management LLC now owns 1,228,058 shares of the biotechnology company's stock worth $35,712,000 after acquiring an additional 356,114 shares during the last quarter.

Avidity Biosciences Stock Performance

RNA traded down $0.56 during midday trading on Thursday, reaching $45.60. The company had a trading volume of 949,607 shares, compared to its average volume of 1,816,466. The business has a 50-day moving average price of $33.98 and a two-hundred day moving average price of $31.60. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The stock has a market cap of $5.87 billion, a PE ratio of -15.20 and a beta of 0.95.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider John B. Moriarty sold 2,245 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $36.21, for a total transaction of $81,291.45. Following the completion of the transaction, the insider owned 47,755 shares in the company, valued at $1,729,208.55. This trade represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Troy Edward Wilson sold 65,554 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $45.00, for a total transaction of $2,949,930.00. Following the completion of the sale, the director directly owned 17,776 shares in the company, valued at approximately $799,920. This trade represents a 78.67% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 443,826 shares of company stock valued at $19,597,686. 3.83% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on RNA. Raymond James Financial began coverage on Avidity Biosciences in a report on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 price objective for the company. Wells Fargo & Company increased their price target on Avidity Biosciences from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Evercore ISI restated an "outperform" rating and set a $70.00 price objective on shares of Avidity Biosciences in a research note on Friday, July 11th. HC Wainwright cut 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. Finally, Bank of America increased their target price on shares of Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a report on Monday, June 9th. Seventeen 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, the stock presently has a consensus rating of "Buy" and a consensus price target of $67.00.

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.