Mirae Asset Global Investments Co. Ltd. Boosts Stock Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Mirae Asset Global Investments Co. Ltd. lifted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 291.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,570 shares of the biotechnology company's stock after purchasing an additional 11,594 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Avidity Biosciences were worth $492,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. TD Waterhouse Canada Inc. lifted its position in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 866 shares during the last quarter. Parallel Advisors LLC raised its stake in 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 buying an additional 515 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Avidity Biosciences during the 4th quarter worth about $60,000. GF Fund Management CO. LTD. acquired a new position in shares of Avidity Biosciences during the 4th quarter worth about $73,000. Finally, US Bancorp DE boosted its position in shares of Avidity Biosciences by 25.2% during the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company's stock worth $191,000 after acquiring an additional 1,324 shares in the last quarter.

Insider Activity

In other news, insider Kathleen P. Gallagher sold 911 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 50,392 shares of the company's stock, valued at approximately $1,523,854.08. This represents a 1.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider W. Michael Flanagan sold 20,000 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the sale, the insider owned 80,195 shares in the company, valued at approximately $2,636,811.60. This trade represents a 19.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,661 shares of company stock worth $1,066,319. Insiders own 3.83% of the company's stock.

Avidity Biosciences Trading Down 0.8%

NASDAQ:RNA opened at $29.13 on Friday. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00. The stock's 50 day simple moving average is $30.65 and its 200-day simple moving average is $30.31. The firm has a market cap of $3.51 billion, a P/E ratio of -9.71 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted 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 firm 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%. Research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on RNA shares. Barclays boosted their target price on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Bank of America boosted their price objective on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Wolfe Research initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 target price on the stock. Chardan Capital lifted their price target 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. Finally, Sanford C. Bernstein began coverage on shares of Avidity Biosciences in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 price objective for the company. Sixteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $65.59.

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.

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