Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company increased its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 18.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,762 shares of the biotechnology company’s stock after acquiring an additional 42,636 shares during the period. The Manufacturers Life Insurance Company owned about 0.29% of Avidity Biosciences worth $11,142,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. D. E. Shaw & Co. Inc. lifted its holdings in Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after buying an additional 707,773 shares in the last quarter. Darwin Global Management Ltd. purchased a new stake in shares of Avidity Biosciences during the second quarter worth $8,108,000. AQR Capital Management LLC acquired a new stake in shares of Avidity Biosciences in the second quarter valued at $492,000. Squarepoint Ops LLC boosted its holdings in Avidity Biosciences by 81.1% in the second quarter. Squarepoint Ops LLC now owns 115,508 shares of the biotechnology company’s stock valued at $4,719,000 after purchasing an additional 51,743 shares during the period. Finally, Fred Alger Management LLC acquired a new position in Avidity Biosciences during the 2nd quarter worth $638,000.

Insiders Place Their Bets

In other news, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares of the company’s stock, valued at $3,036,792. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Sarah Boyce sold 28,000 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $39.93, for a total value of $1,118,040.00. Following the transaction, the chief executive officer now owns 205,043 shares in the company, valued at approximately $8,187,366.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the sale, the insider now directly owns 69,018 shares of the company’s stock, valued at $3,036,792. The disclosure for this sale can be found here. Insiders have sold a total of 128,543 shares of company stock valued at $5,543,382 over the last quarter. Company insiders own 3.68% of the company’s stock.

Avidity Biosciences Price Performance

NASDAQ RNA opened at $47.05 on Friday. The firm’s fifty day moving average price is $43.76 and its 200 day moving average price is $35.54. Avidity Biosciences, Inc. has a 12 month low of $4.82 and a 12 month high of $49.41. The company has a market capitalization of $5.17 billion, a price-to-earnings ratio of -15.95 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The company had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. As a group, sell-side analysts forecast that Avidity Biosciences, Inc. will post -3.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research report on Monday, September 16th. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Bank of America increased their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, August 13th. Finally, Evercore ISI dropped their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has a consensus rating of “Buy” and a consensus target price of $60.75.

Avidity Biosciences Company 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.