Avidity Biosciences, Inc. $RNA Stock Holdings Cut by TD Asset Management Inc

TD Asset Management Inc reduced its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 6.6% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 404,396 shares of the biotechnology company’s stock after selling 28,746 shares during the quarter. TD Asset Management Inc owned about 0.34% of Avidity Biosciences worth $11,485,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Amalgamated Bank boosted its stake in Avidity Biosciences by 12.0% during the 1st quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock valued at $116,000 after purchasing an additional 418 shares in the last quarter. Corebridge Financial Inc. boosted its stake in Avidity Biosciences by 0.8% during the 1st quarter. Corebridge Financial Inc. now owns 55,643 shares of the biotechnology company’s stock valued at $1,643,000 after purchasing an additional 463 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Avidity Biosciences by 9.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,135 shares of the biotechnology company’s stock valued at $181,000 after purchasing an additional 514 shares in the last quarter. Natixis Advisors LLC boosted its stake in Avidity Biosciences by 3.8% during the 1st quarter. Natixis Advisors LLC now owns 14,095 shares of the biotechnology company’s stock valued at $416,000 after purchasing an additional 518 shares in the last quarter. Finally, GF Fund Management CO. LTD. boosted its stake in Avidity Biosciences by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 3,055 shares of the biotechnology company’s stock valued at $90,000 after purchasing an additional 550 shares in the last quarter.

Avidity Biosciences Stock Down 1.8%

RNA opened at $47.89 on Friday. The stock has a fifty day moving average of $45.60 and a 200-day moving average of $36.18. The firm has a market capitalization of $6.99 billion, a P/E ratio of -13.45 and a beta of 0.97. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00.

Insider Buying and Selling

In other news, CEO Sarah Boyce sold 50,000 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $49.95, for a total value of $2,497,500.00. Following the completion of the sale, the chief executive officer owned 305,871 shares in the company, valued at $15,278,256.45. This represents a 14.05% 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 Steven George Hughes sold 2,208 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $40.58, for a total value of $89,600.64. Following the sale, the insider owned 38,867 shares of the company’s stock, valued at approximately $1,577,222.86. This represents a 5.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 569,269 shares of company stock valued at $26,205,238. 3.83% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. The Goldman Sachs Group raised Avidity Biosciences to a “buy” rating and set a $55.00 price target for the company in a research note on Thursday, July 10th. Evercore ISI reduced their price objective on Avidity Biosciences from $70.00 to $65.00 and set an “outperform” rating for the company in a research note on Monday, September 22nd. Sanford C. Bernstein initiated coverage on Avidity Biosciences in a research note on Tuesday, June 24th. They set an “outperform” rating and a $50.00 price objective for the company. Wells Fargo & Company raised their price objective on Avidity Biosciences from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, August 8th. Finally, Chardan Capital reissued a “buy” rating and set a $75.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $68.32.

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.