Artia Global Partners LP Sells 50,000 Shares of Avidity Biosciences, Inc. $RNA

Artia Global Partners LP cut its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 45.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,100 shares of the biotechnology company’s stock after selling 50,000 shares during the period. Avidity Biosciences comprises approximately 0.6% of Artia Global Partners LP’s holdings, making the stock its 24th largest holding. Artia Global Partners LP’s holdings in Avidity Biosciences were worth $4,335,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. JPMorgan Chase & Co. grew its position in Avidity Biosciences by 55.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock worth $39,194,000 after acquiring an additional 319,282 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Avidity Biosciences by 173.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 179,103 shares of the biotechnology company’s stock worth $7,804,000 after acquiring an additional 113,545 shares during the last quarter. Aberdeen Group plc grew its position in Avidity Biosciences by 8.9% during the 3rd quarter. Aberdeen Group plc now owns 304,828 shares of the biotechnology company’s stock worth $13,281,000 after acquiring an additional 25,000 shares during the last quarter. Vanguard Group Inc. grew 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. Finally, Fiera Capital Corp grew its position in Avidity Biosciences by 53.8% during the 3rd quarter. Fiera Capital Corp now owns 1,202,384 shares of the biotechnology company’s stock worth $52,388,000 after acquiring an additional 420,476 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Leerink Partners assumed coverage on Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating on the stock. Wells Fargo & Company assumed coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating on the stock. Weiss Ratings lowered Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. Finally, Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $71.25.

Avidity Biosciences Stock Performance

Shares of RNA opened at $12.48 on Thursday. The firm has a market capitalization of $213.48 million, a price-to-earnings ratio of -2.51 and a beta of 0.93. The business’s fifty day moving average price is $13.04 and its two-hundred day moving average price is $40.35. Avidity Biosciences, Inc. has a 52 week low of $11.40 and a 52 week high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) EPS for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.08. The firm had revenue of $19.64 million for the quarter, compared to analyst estimates of $2.00 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. As a group, research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

About Avidity Biosciences

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.