The Manufacturers Life Insurance Company Has $11.83 Million Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

The Manufacturers Life Insurance Company reduced its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) by 5.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 257,456 shares of the biotechnology company's stock after selling 15,306 shares during the period. The Manufacturers Life Insurance Company owned about 0.22% of Avidity Biosciences worth $11,825,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in RNA. Avoro Capital Advisors LLC raised its position in Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company's stock worth $265,729,000 after purchasing an additional 680,000 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Avidity Biosciences by 24.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company's stock worth $45,479,000 after acquiring an additional 197,065 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its stake in shares of Avidity Biosciences by 2,263.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock valued at $30,190,000 after acquiring an additional 707,773 shares during the period. TD Asset Management Inc boosted its holdings in Avidity Biosciences by 140.7% in the second quarter. TD Asset Management Inc now owns 513,338 shares of the biotechnology company's stock valued at $20,970,000 after acquiring an additional 300,054 shares during the last quarter. Finally, Fiera Capital Corp acquired a new stake in Avidity Biosciences in the third quarter worth about $19,805,000.

Insiders Place Their Bets

In other Avidity Biosciences news, Director Arthur A. Levin sold 3,323 shares of Avidity Biosciences stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total value of $139,964.76. Following the completion of the transaction, the director now directly owns 14,830 shares of the company's stock, valued at $624,639.60. The trade was a 18.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sarah Boyce sold 32,880 shares of the business's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $44.00, for a total value of $1,446,720.00. Following the completion of the transaction, the chief executive officer now directly owns 234,663 shares of the company's stock, valued at approximately $10,325,172. This trade represents a 12.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 150,866 shares of company stock worth $6,724,557 over the last three months. Insiders own 3.68% of the company's stock.

Avidity Biosciences Price Performance

NASDAQ:RNA traded down $1.24 on Tuesday, hitting $40.06. The company's stock had a trading volume of 360,073 shares, compared to its average volume of 1,299,524. Avidity Biosciences, Inc. has a one year low of $6.79 and a one year high of $56.00. The stock has a fifty day moving average of $45.44 and a two-hundred day moving average of $41.58.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.14. The business had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, analysts anticipate that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RNA shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Evercore ISI lowered their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating for the company in a report on Monday, August 26th. Barclays assumed coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They issued an "overweight" rating and a $63.00 price target on the stock. Cantor Fitzgerald reissued an "overweight" rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Finally, Royal Bank of Canada started coverage on Avidity Biosciences in a research report on Tuesday, November 26th. They set an "outperform" rating and a $67.00 target price for the company. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has a consensus rating of "Buy" and an average price target of $63.60.

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.