Avidity Biosciences, Inc. $RNA Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 55.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 899,557 shares of the biotechnology company’s stock after purchasing an additional 319,282 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.62% of Avidity Biosciences worth $39,194,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. AlphaQuest LLC raised its stake in Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 331 shares in the last quarter. CWM LLC increased its holdings in shares of Avidity Biosciences by 1,635.1% in the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after acquiring an additional 605 shares during the last quarter. Westside Investment Management Inc. purchased a new position in shares of Avidity Biosciences in the 2nd quarter valued at about $29,000. PNC Financial Services Group Inc. raised its position in shares of Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 1,099 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its stake in Avidity Biosciences by 1,659.1% during the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,543 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RNA. TD Cowen reissued a “hold” rating on shares of Avidity Biosciences in a report on Wednesday, November 12th. Evercore set a $72.00 target price on shares of Avidity Biosciences in a research report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Finally, Chardan Capital reaffirmed a “neutral” rating and set a $72.00 price objective on shares of Avidity Biosciences in a report on Tuesday, November 11th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $69.57.

Insider Activity at Avidity Biosciences

In related news, CEO Sarah Boyce sold 14,387 shares of Avidity Biosciences stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $1,042,338.15. Following the transaction, the chief executive officer directly owned 269,007 shares in the company, valued at $19,489,557.15. This trade represents a 5.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Michael F. Maclean sold 4,542 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $329,067.90. Following the completion of the transaction, the chief financial officer directly owned 59,290 shares in the company, valued at $4,295,560.50. This represents a 7.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 58,407 shares of company stock worth $4,226,448 in the last ninety days. Company insiders own 3.83% of the company’s stock.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $72.81 on Friday. The stock has a market cap of $11.30 billion, a P/E ratio of -14.65 and a beta of 0.93. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $73.06. The firm has a fifty day moving average price of $72.55 and a 200 day moving average price of $61.91.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results 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 business had revenue of $0.86 million for the quarter, compared to analyst estimates of $1.98 million. Sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

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.