Tokio Marine Asset Management Co. Ltd. Acquires New Holdings in Avidity Biosciences, Inc. $RNA

Tokio Marine Asset Management Co. Ltd. acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 74,300 shares of the biotechnology company’s stock, valued at approximately $5,359,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RNA. AlphaQuest LLC lifted its stake 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 last quarter. CWM LLC lifted its stake in Avidity Biosciences by 1,635.1% in the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 605 shares during the last quarter. Allworth Financial LP increased its position 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 acquiring an additional 159 shares during the period. Osaic Holdings Inc. increased its position in Avidity Biosciences by 1,659.1% in the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock valued at $48,000 after acquiring an additional 1,543 shares during the period. Finally, Comerica Bank increased its position in Avidity Biosciences by 75.9% in the 3rd quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock valued at $58,000 after acquiring an additional 576 shares during the period.

Insider Activity at Avidity Biosciences

In other news, insider Teresa Mccarthy sold 2,929 shares of the stock in a transaction 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 sale, the insider directly owned 113,938 shares in the company, valued at $8,254,808.10. This represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Arthur A. Levin sold 1,758 shares of the stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $127,367.10. Following the sale, the director owned 16,562 shares of the company’s stock, valued at approximately $1,199,916.90. This trade represents a 9.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 35,045 shares of company stock valued at $2,539,010 over the last 90 days. 3.83% of the stock is owned by company insiders.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $14.41 on Friday. Avidity Biosciences, Inc. has a 52-week low of $11.95 and a 52-week high of $16.77. The firm has a 50 day moving average price of $30.43 and a two-hundred day moving average price of $54.24.

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

Wall Street Analyst Weigh In

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

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.