Charles Schwab Investment Management Inc. Trims Stock Position in Avidity Biosciences, Inc. $RNA

Charles Schwab Investment Management Inc. lessened its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 0.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,023,578 shares of the biotechnology company’s stock after selling 5,353 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.85% of Avidity Biosciences worth $30,216,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RNA. Privium Fund Management B.V. boosted its position in Avidity Biosciences by 8.2% during the 1st quarter. Privium Fund Management B.V. now owns 34,500 shares of the biotechnology company’s stock valued at $1,018,000 after buying an additional 2,600 shares during the period. Natixis Advisors LLC increased its stake in Avidity Biosciences by 3.8% during the 1st quarter. Natixis Advisors LLC now owns 14,095 shares of the biotechnology company’s stock valued at $416,000 after purchasing an additional 518 shares in the last quarter. Fiera Capital Corp increased its stake in Avidity Biosciences by 92.5% during the 1st quarter. Fiera Capital Corp now owns 772,300 shares of the biotechnology company’s stock valued at $22,798,000 after purchasing an additional 371,121 shares in the last quarter. Mackenzie Financial Corp bought a new stake in shares of Avidity Biosciences in the first quarter worth approximately $213,000. Finally, TD Asset Management Inc grew its stake in shares of Avidity Biosciences by 4.3% in the first quarter. TD Asset Management Inc now owns 433,142 shares of the biotechnology company’s stock worth $12,786,000 after acquiring an additional 17,970 shares during the period.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, Director Troy Edward Wilson sold 65,554 shares of Avidity Biosciences stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $45.00, for a total value of $2,949,930.00. Following the completion of the transaction, the director directly owned 17,776 shares of the company’s stock, valued at $799,920. The trade was a 78.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider W. Michael Flanagan sold 20,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the transaction, the insider directly owned 80,195 shares of the company’s stock, valued at approximately $2,636,811.60. This represents a 19.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 453,826 shares of company stock worth $20,063,286. Corporate insiders own 3.83% of the company’s stock.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $44.02 on Wednesday. The company’s fifty day moving average price is $34.83 and its 200 day moving average price is $31.96. The stock has a market capitalization of $5.66 billion, a P/E ratio of -12.37 and a beta of 0.95. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $56.00.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Chardan Capital reissued a “buy” rating and issued a $75.00 price objective on shares of Avidity Biosciences in a report on Friday, August 8th. Evercore ISI restated an “outperform” rating and issued a $70.00 price target on shares of Avidity Biosciences in a research report on Friday, July 11th. Wells Fargo & Company lifted their price objective on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, August 8th. HC Wainwright lowered their target price on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, May 12th. Finally, The Goldman Sachs Group raised shares of Avidity Biosciences to a “buy” rating and set a $55.00 price objective for the company in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have assigned a Buy rating to the company’s stock. According to MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus price target of $67.00.

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.