Tokio Marine Asset Management Co. Ltd. Acquires Shares of 74,300 Avidity Biosciences, Inc. $RNA

Tokio Marine Asset Management Co. Ltd. acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 74,300 shares of the biotechnology company’s stock, valued at approximately $5,359,000.

A number of other institutional investors have also recently bought and sold shares of the business. Allworth Financial LP boosted its holdings in Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 159 shares during the period. Fort Point Capital Partners LLC boosted its holdings in Avidity Biosciences by 0.6% in the 3rd quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company’s stock valued at $1,363,000 after purchasing an additional 183 shares during the period. GF Fund Management CO. LTD. boosted its holdings in Avidity Biosciences by 7.0% in the 4th quarter. GF Fund Management CO. LTD. now owns 2,961 shares of the biotechnology company’s stock valued at $214,000 after purchasing an additional 193 shares during the period. GAMMA Investing LLC boosted its holdings in Avidity Biosciences by 10.5% in the 4th quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock valued at $178,000 after purchasing an additional 234 shares during the period. Finally, AlphaQuest LLC boosted its holdings in Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the period.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on RNA shares. Wells Fargo & Company initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 11th. They issued an “overweight” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Finally, Wall Street Zen upgraded shares of Avidity Biosciences to a “hold” rating in a research report on Saturday, March 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $69.42.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $14.41 on Friday. Avidity Biosciences, Inc. has a twelve month low of $11.95 and a twelve month high of $16.77. The business has a fifty day simple moving average of $30.43 and a 200 day simple moving average of $54.24.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing the consensus estimate of ($1.24) by ($0.35). The business had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.98 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider W. Michael Flanagan sold 6,534 shares of the stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $473,388.30. Following the completion of the transaction, the insider owned 85,093 shares of the company’s stock, valued at $6,164,987.85. This represents a 7.13% 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 Teresa Mccarthy sold 2,929 shares of the stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $212,206.05. Following the completion of the transaction, the insider directly owned 113,938 shares of the company’s stock, valued at approximately $8,254,808.10. The trade was a 2.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,045 shares of company stock worth $2,539,010 over the last 90 days. Insiders own 3.83% of the company’s stock.

About Avidity Biosciences

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.