New York Life Investment Management LLC Invests $4.54 Million in Avidity Biosciences, Inc. $RNA

New York Life Investment Management LLC purchased a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 62,920 shares of the biotechnology company’s stock, valued at approximately $4,538,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AlphaQuest LLC boosted its holdings in Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 331 shares during the period. CWM LLC boosted its holdings in Avidity Biosciences by 1,635.1% in the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after acquiring an additional 605 shares during the period. Allworth Financial LP boosted its holdings in Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 159 shares during the period. Osaic Holdings Inc. boosted its holdings in Avidity Biosciences by 1,659.1% in the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after acquiring an additional 1,543 shares during the period. Finally, Comerica Bank boosted its holdings in Avidity Biosciences by 75.9% in the 3rd quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock worth $58,000 after acquiring an additional 576 shares during the period.

Avidity Biosciences Price Performance

RNA stock opened at $13.23 on Monday. Avidity Biosciences, Inc. has a 12-month low of $11.95 and a 12-month high of $16.77. The stock’s 50 day simple moving average is $13.56 and its 200 day simple moving average is $49.73.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.05) by $0.08. The business 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%. On average, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RNA. Wall Street Zen cut Avidity Biosciences from a “hold” rating to a “sell” rating in a report on Saturday. Leerink Partners initiated coverage on Avidity Biosciences in a research report on Friday. They issued an “outperform” rating and a $25.00 target price on the stock. Wells Fargo & Company initiated coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They issued an “overweight” rating on the stock. HC Wainwright reaffirmed a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $66.95.

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.