TD Asset Management Inc Purchases 17,970 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

TD Asset Management Inc grew its stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 4.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 433,142 shares of the biotechnology company's stock after buying an additional 17,970 shares during the period. TD Asset Management Inc owned approximately 0.36% of Avidity Biosciences worth $12,786,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Amalgamated Bank raised its holdings in Avidity Biosciences by 12.0% in the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after purchasing an additional 418 shares in the last quarter. Parallel Advisors LLC raised its holdings in Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 515 shares in the last quarter. Quantinno Capital Management LP raised its holdings in Avidity Biosciences by 8.0% in the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company's stock worth $204,000 after purchasing an additional 518 shares in the last quarter. GF Fund Management CO. LTD. raised its holdings in Avidity Biosciences by 22.0% in the 1st quarter. GF Fund Management CO. LTD. now owns 3,055 shares of the biotechnology company's stock worth $90,000 after purchasing an additional 550 shares in the last quarter. Finally, Xponance Inc. raised its holdings in Avidity Biosciences by 7.3% in the 1st quarter. Xponance Inc. now owns 8,536 shares of the biotechnology company's stock worth $252,000 after purchasing an additional 579 shares in the last quarter.

Insider Activity at Avidity Biosciences

In other news, insider W. Michael Flanagan sold 20,000 shares of the 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 transaction, the insider owned 80,195 shares in the company, valued at $2,636,811.60. This represents a 19.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $32.48, for a total transaction of $190,820.00. Following the completion of the transaction, the insider owned 50,554 shares in the company, valued at $1,641,993.92. This trade represents a 10.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,786 shares of company stock worth $875,969 in the last quarter. Company insiders own 3.83% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on RNA. Evercore ISI restated an "outperform" rating and issued a $70.00 price objective on shares of Avidity Biosciences in a report on Friday, July 11th. HC Wainwright reduced their target price 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. Bank of America upped their target price 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. The Goldman Sachs Group raised shares of Avidity Biosciences to a "buy" rating and set a $55.00 target price on the stock in a research report on Thursday, July 10th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Sixteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $66.35.

Avidity Biosciences Stock Down 2.2%

Shares of NASDAQ RNA traded down $0.79 during trading on Friday, reaching $35.92. 2,254,318 shares of the company traded hands, compared to its average volume of 2,798,632. The firm has a 50 day simple moving average of $31.98 and a 200-day simple moving average of $30.78. The stock has a market capitalization of $4.33 billion, a PE ratio of -11.97 and a beta of 0.95. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 4,136.00% and a negative return on equity of 26.96%. The company had revenue of $1.60 million for the quarter, compared to analysts' expectations of $2.63 million. As a group, research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current 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.