93,300 Shares in Avidity Biosciences, Inc. $RNA Purchased by ABC Arbitrage SA

ABC Arbitrage SA acquired a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 93,300 shares of the biotechnology company’s stock, valued at approximately $6,730,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Avidity Biosciences by 3.2% in the 4th quarter. Vanguard Group Inc. now owns 13,649,250 shares of the biotechnology company’s stock worth $984,520,000 after purchasing an additional 429,491 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of 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 acquiring an additional 815,497 shares during the last quarter. RA Capital Management L.P. increased its holdings in shares of Avidity Biosciences by 18.9% during the third quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock valued at $376,490,000 after acquiring an additional 1,375,000 shares in the last quarter. Avoro Capital Advisors LLC increased its holdings 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 acquiring an additional 595,000 shares in the last quarter. Finally, Polar Capital Holdings Plc raised its position in shares of Avidity Biosciences by 58.0% in the 3rd quarter. Polar Capital Holdings Plc now owns 2,796,760 shares of the biotechnology company’s stock worth $121,855,000 after purchasing an additional 1,026,373 shares during the last quarter.

Wall Street Analyst Weigh In

Several analysts recently commented on RNA shares. Wells Fargo & Company assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Wall Street Zen upgraded shares of Avidity Biosciences to a “hold” rating in a research note on Saturday, March 21st. Finally, HC Wainwright reissued a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $69.42.

Avidity Biosciences Stock Up 1.4%

Shares of NASDAQ RNA opened at $13.25 on Tuesday. The firm’s 50-day moving average price is $13.74 and its 200-day moving average price is $50.87. Avidity Biosciences, Inc. has a 52-week low of $11.95 and a 52-week high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last released 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). The company had revenue of $0.86 million for the quarter, compared to analysts’ expectations of $1.98 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. As a group, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

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.