Avidity Biosciences, Inc. $RNA Shares Acquired by TD Asset Management Inc

by · The Markets Daily

TD Asset Management Inc lifted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA – Free Report) by 13.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 457,172 shares of the biotechnology company’s stock after buying an additional 52,776 shares during the quarter. TD Asset Management Inc owned 0.31% of Avidity Biosciences worth $19,919,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Avidity Biosciences by 42.9% during the third quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock valued at $575,985,000 after purchasing an additional 3,971,457 shares during the period. Geode Capital Management LLC increased its stake in Avidity Biosciences by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 2,847,965 shares of the biotechnology company’s stock worth $80,893,000 after buying an additional 92,719 shares during the period. Bank of America Corp DE increased its stake in Avidity Biosciences by 16.8% during the 2nd quarter. Bank of America Corp DE now owns 1,839,315 shares of the biotechnology company’s stock worth $52,237,000 after buying an additional 264,827 shares during the period. Fiera Capital Corp boosted its position in Avidity Biosciences by 53.8% in the 3rd quarter. Fiera Capital Corp now owns 1,202,384 shares of the biotechnology company’s stock valued at $52,388,000 after buying an additional 420,476 shares during the last quarter. Finally, Norges Bank purchased a new position in Avidity Biosciences in the 2nd quarter valued at about $28,261,000.

Insider Activity

In related news, insider Charles Calderaro III sold 3,727 shares of Avidity Biosciences stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $72.23, for a total transaction of $269,201.21. Following the transaction, the insider directly owned 49,797 shares of the company’s stock, valued at $3,596,837.31. The trade was a 6.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven George Hughes sold 4,895 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $354,642.75. Following the transaction, the insider owned 31,599 shares of the company’s stock, valued at approximately $2,289,347.55. This trade represents a 13.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 58,407 shares of company stock valued at $4,226,448 over the last quarter. Insiders own 3.83% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on RNA shares. Evercore set a $72.00 price target on Avidity Biosciences in a research note on Thursday, December 18th. TD Cowen reaffirmed a “hold” rating on shares of Avidity Biosciences in a research report on Wednesday, November 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Finally, Chardan Capital restated a “neutral” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research note on Tuesday, November 11th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $69.57.

Get Our Latest Analysis on Avidity Biosciences

Avidity Biosciences Stock Up 1.2%

NASDAQ:RNA opened at $14.75 on Friday. Avidity Biosciences, Inc. has a 52 week low of $13.06 and a 52 week high of $15.93. The company has a market cap of $2.29 billion, a PE ratio of -2.97 and a beta of 0.93. The business’s 50 day moving average is $71.40 and its two-hundred day moving average is $61.80.

Avidity Biosciences (NASDAQ:RNA – Get Free Report) last issued its quarterly earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35). Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. The firm had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.98 million. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

About Avidity Biosciences

(Free Report)

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.

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