Suvretta Capital Management LLC Purchases New Holdings in Avidity Biosciences, Inc. $RNA

Suvretta Capital Management LLC purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 750,000 shares of the biotechnology company’s stock, valued at approximately $32,678,000.

Several other institutional investors also recently modified their holdings of the company. Avoro Capital Advisors LLC increased its position in shares of Avidity Biosciences by 8.4% during the third quarter. Avoro Capital Advisors LLC now owns 7,645,000 shares of the biotechnology company’s stock valued at $333,093,000 after purchasing an additional 595,000 shares during the period. Wellington Management Group LLP lifted its position in Avidity Biosciences by 8.8% in the third quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock worth $438,540,000 after purchasing an additional 815,497 shares during the period. Comerica Bank lifted its position in Avidity Biosciences by 75.9% in the third quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock worth $58,000 after purchasing an additional 576 shares during the period. Marshall Wace LLP boosted its stake in Avidity Biosciences by 962.0% during the third quarter. Marshall Wace LLP now owns 639,584 shares of the biotechnology company’s stock worth $27,867,000 after buying an additional 579,361 shares in the last quarter. Finally, Kennedy Capital Management LLC bought a new stake in Avidity Biosciences in the 3rd quarter valued at $2,074,000.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, CFO Michael F. Maclean sold 4,542 shares of the business’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $329,067.90. Following the transaction, the chief financial officer owned 59,290 shares of the company’s stock, valued at approximately $4,295,560.50. The trade was a 7.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $354,642.75. Following the sale, the insider owned 31,599 shares in the company, valued at $2,289,347.55. The trade was a 13.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 58,407 shares of company stock worth $4,226,448 over the last 90 days. Company insiders own 3.83% of the company’s stock.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $13.75 on Friday. Avidity Biosciences, Inc. has a 12-month low of $13.57 and a 12-month high of $16.77. The firm has a 50-day moving average price of $59.97 and a 200 day moving average price of $59.58.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing the consensus estimate of ($1.24) by ($0.35). Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The firm had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.98 million. On average, research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RNA. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Wells Fargo & Company began coverage on shares of Avidity Biosciences in a research note on Wednesday. They set an “overweight” rating and a $25.00 price target for the company. Finally, Evercore set a $72.00 target price on Avidity Biosciences in a report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Hold” and a consensus price target of $66.79.

Avidity Biosciences Company 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.