Governors Lane LP Takes Position in Avidity Biosciences, Inc. $RNA

Governors Lane LP acquired a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 122,733 shares of the biotechnology company’s stock, valued at approximately $8,853,000. Governors Lane LP owned about 0.08% of Avidity Biosciences at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Empyrean Capital Partners LP bought a new position in shares of Avidity Biosciences during the 4th quarter valued at about $10,315,000. Engineers Gate Manager LP bought a new position in shares of Avidity Biosciences during the 4th quarter valued at about $238,000. Cinctive Capital Management LP increased its position in shares of Avidity Biosciences by 66.2% during the 4th quarter. Cinctive Capital Management LP now owns 50,000 shares of the biotechnology company’s stock valued at $3,606,000 after purchasing an additional 19,923 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Avidity Biosciences during the 4th quarter valued at about $435,708,000. Finally, Boothbay Fund Management LLC increased its position in shares of Avidity Biosciences by 15.0% during the 4th quarter. Boothbay Fund Management LLC now owns 60,582 shares of the biotechnology company’s stock valued at $4,370,000 after purchasing an additional 7,895 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages have recently commented on RNA. Leerink Partners began coverage on Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” 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. HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Finally, Wells Fargo & Company began coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating on the stock. 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 issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $71.25.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $12.48 on Thursday. The firm has a market cap of $213.48 million, a P/E ratio of -2.51 and a beta of 0.93. Avidity Biosciences, Inc. has a fifty-two week low of $11.40 and a fifty-two week high of $16.77. The business’s 50 day moving average price is $13.04 and its 200-day moving average price is $40.35.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share for the quarter, topping 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, equities analysts predict 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.