TD Asset Management Inc Sells 28,746 Shares of Avidity Biosciences, Inc. $RNA

TD Asset Management Inc reduced its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 6.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 404,396 shares of the biotechnology company’s stock after selling 28,746 shares during the quarter. TD Asset Management Inc’s holdings in Avidity Biosciences were worth $11,485,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Amalgamated Bank grew its position in shares of Avidity Biosciences by 12.0% in the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock valued at $116,000 after purchasing an additional 418 shares during the last quarter. Corebridge Financial Inc. grew its position in shares of Avidity Biosciences by 0.8% in the first 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 during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Avidity Biosciences by 9.1% in the first 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 during the last quarter. Natixis Advisors LLC grew its position in Avidity Biosciences by 3.8% during the first quarter. Natixis Advisors LLC now owns 14,095 shares of the biotechnology company’s stock worth $416,000 after buying an additional 518 shares in the last quarter. Finally, GF Fund Management CO. LTD. grew its position in Avidity Biosciences by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 3,055 shares of the biotechnology company’s stock worth $90,000 after buying an additional 550 shares in the last quarter.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $47.89 on Friday. The company’s 50-day moving average price is $45.60 and its two-hundred day moving average price is $36.18. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The stock has a market capitalization of $6.99 billion, a PE ratio of -13.45 and a beta of 0.97.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. HC Wainwright lifted their target price on shares of Avidity Biosciences from $68.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Friday, June 27th. Roth Capital initiated coverage on shares of Avidity Biosciences in a report on Wednesday, September 17th. They set a “buy” rating and a $62.00 target price for the company. Bank of America lifted their target price on shares of Avidity Biosciences from $56.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Finally, Evercore ISI decreased their price target on shares of Avidity Biosciences from $70.00 to $65.00 and set an “outperform” rating for the company in a report on Monday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $68.32.

Insider Activity

In other Avidity Biosciences news, insider Steven George Hughes sold 2,208 shares of the business’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $40.58, for a total transaction of $89,600.64. Following the sale, the insider directly owned 38,867 shares of the company’s stock, valued at $1,577,222.86. The trade was a 5.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Eric Mosbrooker sold 6,562 shares of the business’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $45.38, for a total transaction of $297,783.56. Following the sale, the insider directly owned 55,000 shares in the company, valued at $2,495,900. This trade represents a 10.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 569,269 shares of company stock worth $26,205,238. 3.83% of the stock is currently owned by company insiders.

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.