Fiera Capital Corp Buys 9,608 Shares of Avidity Biosciences, Inc. $RNA

Fiera Capital Corp lifted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 1.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 781,908 shares of the biotechnology company’s stock after purchasing an additional 9,608 shares during the period. Fiera Capital Corp’s holdings in Avidity Biosciences were worth $22,206,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Westside Investment Management Inc. bought a new position in Avidity Biosciences in the 2nd quarter valued at $29,000. PNC Financial Services Group Inc. lifted its stake in shares of Avidity Biosciences by 291.5% during the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 1,099 shares during the period. IFP Advisors Inc boosted its holdings in Avidity Biosciences by 123.2% in the first quarter. IFP Advisors Inc now owns 3,237 shares of the biotechnology company’s stock valued at $96,000 after acquiring an additional 1,787 shares during the last quarter. Russell Investments Group Ltd. increased its position in Avidity Biosciences by 149.2% in the first quarter. Russell Investments Group Ltd. now owns 4,378 shares of the biotechnology company’s stock worth $129,000 after purchasing an additional 2,621 shares during the period. Finally, Strs Ohio bought a new stake in Avidity Biosciences during the 1st quarter worth about $180,000.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA opened at $70.84 on Friday. The company has a 50 day moving average price of $52.46 and a two-hundred day moving average price of $41.13. The company has a market capitalization of $10.67 billion, a PE ratio of -16.95 and a beta of 0.97. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $70.98.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.05) by ($0.22). Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The firm had revenue of $12.48 million during the quarter, compared to analyst estimates of $1.80 million. Avidity Biosciences’s revenue for the quarter was up 420.8% on a year-over-year basis. On average, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 50,000 shares of the stock in a transaction dated 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 directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Troy Edward Wilson sold 29,500 shares of the firm’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $50.00, for a total value of $1,475,000.00. Following the sale, the director directly owned 54,425 shares in the company, valued at approximately $2,721,250. This represents a 35.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 144,438 shares of company stock valued at $7,122,937. Insiders own 3.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, August 8th. Royal Bank Of Canada restated a “sector perform” rating and issued a $72.00 price objective (up from $61.00) on shares of Avidity Biosciences in a report on Tuesday, October 28th. Leerink Partners reaffirmed a “market perform” rating and set a $72.00 target price (up previously from $65.00) on shares of Avidity Biosciences in a report on Monday, October 27th. Citigroup downgraded Avidity Biosciences from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Finally, Chardan Capital restated a “neutral” rating and issued a $72.00 price target on shares of Avidity Biosciences in a research report on Tuesday. Nine investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Avidity Biosciences has an average rating of “Hold” and a consensus target price of $69.24.

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.