NEOS Investment Management LLC Takes Position in Avidity Biosciences, Inc. $RNA

NEOS Investment Management LLC acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,978 shares of the biotechnology company’s stock, valued at approximately $522,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of RNA. Vanguard Group Inc. boosted its position in Avidity Biosciences by 42.9% during the 3rd quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock worth $575,985,000 after acquiring an additional 3,971,457 shares during the last quarter. Norges Bank acquired a new stake in shares of Avidity Biosciences in the second quarter valued at approximately $28,261,000. JPMorgan Chase & Co. lifted its position in shares of Avidity Biosciences by 55.0% in the third quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock worth $39,194,000 after purchasing an additional 319,282 shares in the last quarter. Bank of America Corp DE boosted its holdings in Avidity Biosciences by 16.8% during the second quarter. Bank of America Corp DE now owns 1,839,315 shares of the biotechnology company’s stock worth $52,237,000 after purchasing an additional 264,827 shares during the last quarter. Finally, Schroder Investment Management Group grew its position in Avidity Biosciences by 215.3% in the second quarter. Schroder Investment Management Group now owns 343,718 shares of the biotechnology company’s stock valued at $9,762,000 after purchasing an additional 234,715 shares in the last quarter.

Avidity Biosciences Price Performance

Shares of RNA opened at $72.86 on Friday. The company’s 50-day moving average is $72.49 and its 200-day moving average is $61.30. The firm has a market capitalization of $11.27 billion, a PE ratio of -17.43 and a beta of 0.93. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $73.06.

Insider Activity

In other news, Director Arthur A. Levin sold 1,758 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $127,367.10. Following the completion of the transaction, the director directly owned 16,562 shares in the company, valued at approximately $1,199,916.90. The trade was a 9.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven George Hughes sold 4,895 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $354,642.75. Following the sale, the insider owned 31,599 shares in the company, valued at $2,289,347.55. This represents a 13.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 58,407 shares of company stock worth $4,226,448. 3.83% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RNA. Leerink Partners cut Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. TD Cowen reissued a “hold” rating on shares of Avidity Biosciences in a report on Wednesday, November 12th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $72.00 target price (up from $61.00) on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Roth Mkm lowered shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price target on the stock. in a research report on Monday, October 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Eight research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $69.57.

Avidity Biosciences Profile

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.