TD Asset Management Inc Has $12.79 Million Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

TD Asset Management Inc boosted its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 4.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 433,142 shares of the biotechnology company’s stock after acquiring an additional 17,970 shares during the quarter. TD Asset Management Inc owned 0.36% of Avidity Biosciences worth $12,786,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Amalgamated Bank raised its position in shares of Avidity Biosciences by 12.0% during the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock worth $116,000 after acquiring an additional 418 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of 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 during the period. Quantinno Capital Management LP boosted its stake in shares of Avidity Biosciences by 8.0% in the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock valued at $204,000 after purchasing an additional 518 shares during the last quarter. GF Fund Management CO. LTD. increased its position in shares of Avidity Biosciences by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 3,055 shares of the biotechnology company’s stock worth $90,000 after buying an additional 550 shares during the period. Finally, Xponance Inc. increased its position in shares of Avidity Biosciences by 7.3% during the first quarter. Xponance Inc. now owns 8,536 shares of the biotechnology company’s stock worth $252,000 after buying an additional 579 shares during the period.

Insider Buying and Selling at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 911 shares of the firm’s stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $30.24, for a total transaction of $27,548.64. Following the transaction, the insider directly owned 50,392 shares of the company’s stock, valued at $1,523,854.08. This trade represents a 1.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider W. Michael Flanagan sold 20,000 shares of the 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 owned 80,195 shares of the company’s stock, valued at approximately $2,636,811.60. This trade represents a 19.96% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,786 shares of company stock valued at $875,969. Company insiders own 3.83% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group upgraded shares of Avidity Biosciences to a “buy” rating and set a $55.00 target price on the stock in a report on Thursday, July 10th. Chardan Capital boosted their price objective on Avidity Biosciences from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Raymond James Financial initiated coverage on Avidity Biosciences in a research note on Wednesday, June 11th. They set a “strong-buy” rating and a $65.00 target price for the company. Wolfe Research assumed coverage on Avidity Biosciences in a report on Tuesday, June 17th. They set an “outperform” rating and a $55.00 price target on the stock. Finally, Barclays lifted their price objective on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th. Sixteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $66.35.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $36.88 on Thursday. The firm’s 50-day simple moving average is $31.76 and its 200 day simple moving average is $30.64. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of -12.29 and a beta of 0.91. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results 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%. On average, sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

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.