The Manufacturers Life Insurance Company Increases Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

The Manufacturers Life Insurance Company grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 18.5% during the 2nd quarter, Holdings Channel reports. The fund owned 272,762 shares of the biotechnology company’s stock after buying an additional 42,636 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Avidity Biosciences were worth $11,142,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in RNA. Steward Partners Investment Advisory LLC lifted its position in Avidity Biosciences by 202.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 59,000 shares of the biotechnology company’s stock valued at $534,000 after purchasing an additional 39,500 shares during the period. Lighthouse Investment Partners LLC purchased a new stake in shares of Avidity Biosciences in the fourth quarter valued at approximately $592,000. Wellington Management Group LLP boosted its stake in shares of Avidity Biosciences by 17.4% in the fourth quarter. Wellington Management Group LLP now owns 291,218 shares of the biotechnology company’s stock valued at $2,636,000 after buying an additional 43,147 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in Avidity Biosciences by 2.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 72,972 shares of the biotechnology company’s stock worth $1,862,000 after acquiring an additional 1,777 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its position in Avidity Biosciences by 78.5% in the first quarter. China Universal Asset Management Co. Ltd. now owns 15,299 shares of the biotechnology company’s stock worth $390,000 after acquiring an additional 6,729 shares in the last quarter.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock opened at $47.05 on Friday. The business has a 50 day moving average price of $43.76 and a 200 day moving average price of $35.54. The company has a market capitalization of $5.17 billion, a P/E ratio of -15.95 and a beta of 0.89. Avidity Biosciences, Inc. has a 1 year low of $4.82 and a 1 year high of $49.41.

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

Insider Buying and Selling at Avidity Biosciences

In other news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at $678,175.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total transaction of $578,732.00. Following the transaction, the insider now directly owns 69,018 shares in the company, valued at $3,036,792. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $45.73, for a total value of $228,650.00. Following the completion of the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $678,175.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 128,543 shares of company stock worth $5,543,382. Corporate insiders own 3.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Barclays assumed coverage on shares of Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price for the company. Bank of America lifted their price target 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. The Goldman Sachs Group started coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Finally, Chardan Capital boosted their target price on Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target 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.