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

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 291.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund 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 institutional investors and hedge funds have also modified their holdings of the company. TD Waterhouse Canada Inc. raised its position in Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 866 shares during the period. Parallel Advisors LLC raised its position in Avidity Biosciences by 43.3% in 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. Headlands Technologies LLC bought a new position in Avidity Biosciences in the fourth quarter worth approximately $60,000. GF Fund Management CO. LTD. bought a new position in Avidity Biosciences in the fourth quarter worth approximately $73,000. Finally, US Bancorp DE raised its position in Avidity Biosciences by 25.2% in the fourth 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 during the period.

Insider Buying and Selling at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 20,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total transaction of $657,600.00. Following the completion of the sale, the insider directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm'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 sale, the insider owned 50,554 shares of the company's stock, valued at approximately $1,641,993.92. The trade was a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,661 shares of company stock worth $1,066,319. Insiders own 3.83% of the company's stock.

Wall Street Analysts Forecast Growth

RNA has been the topic of several recent analyst reports. Barclays raised their price objective on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Cantor Fitzgerald restated an "overweight" rating and set a $96.00 price objective on shares of Avidity Biosciences in a research report on Friday, June 27th. Wolfe Research initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, June 17th. They set an "outperform" rating and a $55.00 price objective on the stock. Chardan Capital raised their price objective on shares of Avidity Biosciences from $65.00 to $75.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, HC Wainwright decreased their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. 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.com, the company presently has an average rating of "Buy" and a consensus target price of $65.59.

Avidity Biosciences Stock Performance

NASDAQ RNA traded up $2.02 during mid-day trading on Wednesday, reaching $31.27. 4,818,415 shares of the stock were exchanged, compared to its average volume of 1,374,864. The company has a market capitalization of $3.77 billion, a P/E ratio of -10.42 and a beta of 0.91. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $56.00. The business's 50 day moving average is $30.51 and its 200-day moving average is $30.29.

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 (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The company had revenue of $1.60 million for 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%. Equities analysts predict 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.