TD Asset Management Inc Raises Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

TD Asset Management Inc increased its stake in shares of 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 fund owned 433,142 shares of the biotechnology company's stock after buying an additional 17,970 shares during the quarter. TD Asset Management Inc owned about 0.36% of Avidity Biosciences worth $12,786,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in RNA. KLP Kapitalforvaltning AS acquired a new position in Avidity Biosciences in the fourth quarter worth approximately $521,000. LPL Financial LLC lifted its stake in Avidity Biosciences by 273.9% during the fourth quarter. LPL Financial LLC now owns 16,726 shares of the biotechnology company's stock valued at $486,000 after buying an additional 12,253 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock worth $274,280,000 after acquiring an additional 205,027 shares in the last quarter. Norges Bank acquired a new stake in shares of Avidity Biosciences during the fourth quarter valued at approximately $21,077,000. Finally, Schroder Investment Management Group lifted its position in shares of Avidity Biosciences by 99.7% in the 4th quarter. Schroder Investment Management Group now owns 61,480 shares of the biotechnology company's stock valued at $1,794,000 after acquiring an additional 30,697 shares in the last quarter.

Avidity Biosciences Price Performance

NASDAQ RNA traded down $0.79 during mid-day trading on Friday, reaching $35.92. 2,254,318 shares of the stock were exchanged, compared to its average volume of 2,798,632. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The stock has a 50 day simple moving average of $31.88 and a 200-day simple moving average of $30.70. The stock has a market cap of $4.33 billion, a P/E ratio of -11.97 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.63 million. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Kathleen P. Gallagher sold 911 shares of the company's stock in a transaction 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 sale, the insider owned 50,392 shares in the company, valued at approximately $1,523,854.08. This represents a 1.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider W. Michael Flanagan sold 20,000 shares of the firm's stock in a transaction 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 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. Insiders have sold a total of 26,786 shares of company stock valued at $875,969 in the last 90 days. 3.83% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on RNA shares. The Goldman Sachs Group upgraded Avidity Biosciences to a "buy" rating and set a $55.00 price target on the stock in a report on Thursday, July 10th. 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 price target for the company. Citigroup boosted their price objective on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Needham & Company LLC reissued a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Finally, Evercore ISI reaffirmed an "outperform" rating and issued a $70.00 target price on shares of Avidity Biosciences in a research report on Friday, July 11th. Sixteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and a consensus target price of $66.35.

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.