Mackenzie Financial Corp Buys New Stake 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 bought a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 7,205 shares of the biotechnology company's stock, valued at approximately $213,000.

Several other large investors also recently added to or reduced their stakes in the company. TD Asset Management Inc increased its stake in shares of Avidity Biosciences by 4.3% during the first quarter. TD Asset Management Inc now owns 433,142 shares of the biotechnology company's stock valued at $12,786,000 after buying an additional 17,970 shares during the period. Assetmark Inc. lifted its holdings in shares of Avidity Biosciences by 120.2% during the first quarter. Assetmark Inc. now owns 27,654 shares of the biotechnology company's stock valued at $816,000 after purchasing an additional 15,093 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in Avidity Biosciences by 14.0% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 185,147 shares of the biotechnology company's stock valued at $5,466,000 after acquiring an additional 22,784 shares during the period. IFP Advisors Inc lifted 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 acquiring an additional 1,787 shares during the period. Finally, Victory Capital Management Inc. raised its stake in shares of Avidity Biosciences by 8.9% in the first quarter. Victory Capital Management Inc. now owns 41,703 shares of the biotechnology company's stock worth $1,231,000 after buying an additional 3,395 shares during the period.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, 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 value of $2,949,930.00. Following the completion of the transaction, the director owned 17,776 shares of the company's stock, valued at $799,920. The trade was a 78.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur A. Levin sold 107,500 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $47.62, for a total transaction of $5,119,150.00. Following the completion of the sale, the director owned 19,650 shares of the company's stock, valued at approximately $935,733. The trade was a 84.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 443,826 shares of company stock valued at $19,597,686 over the last three months. Insiders own 3.83% of the company's stock.

Wall Street Analyst Weigh In

RNA has been the subject of a number of research reports. Barclays reiterated an "overweight" rating and set a $62.00 target price (up from $59.00) on shares of Avidity Biosciences in a research report on Friday. HC Wainwright reduced their target price on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Evercore ISI reiterated an "outperform" rating and set a $70.00 price target on shares of Avidity Biosciences in a research note on Friday, July 11th. The Goldman Sachs Group upgraded Avidity Biosciences to a "buy" rating and set a $55.00 target price on the stock in a research note on Thursday, July 10th. Finally, 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 target price for the company. Seventeen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Avidity Biosciences currently has a consensus rating of "Buy" and an average price target of $67.00.

Avidity Biosciences Price Performance

Shares of RNA traded up $0.45 during trading hours on Tuesday, hitting $46.23. 2,589,720 shares of the stock were exchanged, compared to its average volume of 3,751,322. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The business has a 50-day moving average of $33.50 and a 200-day moving average of $31.39. The firm has a market capitalization of $5.95 billion, a P/E ratio of -15.41 and a beta of 0.95.

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.