Braidwell LP Invests $14.46 Million in Avidity Biosciences, Inc. $RNA

Braidwell LP acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 331,907 shares of the biotechnology company’s stock, valued at approximately $14,461,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Brandywine Managers LLC purchased a new stake in Avidity Biosciences in the third quarter valued at approximately $546,000. Ameriprise Financial Inc. boosted its position in shares of Avidity Biosciences by 6.3% during the third quarter. Ameriprise Financial Inc. now owns 13,784 shares of the biotechnology company’s stock worth $601,000 after buying an additional 821 shares during the period. Creative Planning boosted its position in shares of Avidity Biosciences by 33.3% during the third quarter. Creative Planning now owns 52,333 shares of the biotechnology company’s stock worth $2,280,000 after buying an additional 13,073 shares during the period. SummitTX Capital L.P. grew its stake in shares of Avidity Biosciences by 122.4% in the third quarter. SummitTX Capital L.P. now owns 49,142 shares of the biotechnology company’s stock valued at $2,141,000 after buying an additional 27,046 shares in the last quarter. Finally, Raymond James Financial Inc. grew its stake in shares of Avidity Biosciences by 10.2% in the third quarter. Raymond James Financial Inc. now owns 166,611 shares of the biotechnology company’s stock valued at $7,259,000 after buying an additional 15,376 shares in the last quarter.

Avidity Biosciences Stock Down 5.4%

Avidity Biosciences stock opened at $13.75 on Friday. Avidity Biosciences, Inc. has a twelve month low of $13.57 and a twelve month high of $16.77. The stock’s fifty day simple moving average is $59.97 and its 200-day simple moving average is $59.67.

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

Insider Buying and Selling

In other news, Director Arthur A. Levin sold 1,758 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $127,367.10. Following the completion of the transaction, the director directly owned 16,562 shares of the company’s stock, valued at approximately $1,199,916.90. The trade was a 9.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider W. Michael Flanagan sold 6,534 shares of the company’s 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 $473,388.30. Following the sale, the insider owned 85,093 shares in the company, valued at $6,164,987.85. The trade was a 7.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 58,407 shares of company stock worth $4,226,448 over the last ninety days. Company insiders own 3.83% of the company’s stock.

Wall Street Analyst Weigh In

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

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.