1,158,603 Shares in Avidity Biosciences, Inc. $RNA Acquired by Magnetar Financial LLC

Magnetar Financial LLC acquired a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 1,158,603 shares of the biotechnology company’s stock, valued at approximately $83,570,000. Avidity Biosciences comprises approximately 0.8% of Magnetar Financial LLC’s investment portfolio, making the stock its 15th largest position. Magnetar Financial LLC owned 0.75% of Avidity Biosciences as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in RNA. AlphaQuest LLC lifted its position in Avidity Biosciences by 123.0% during the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the period. Los Angeles Capital Management LLC acquired a new position in Avidity Biosciences during the 4th quarter valued at about $34,000. Smartleaf Asset Management LLC lifted its position in Avidity Biosciences by 426.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 397 shares during the period. Allworth Financial LP lifted its position in Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 159 shares during the period. Finally, Osaic Holdings Inc. lifted its position in Avidity Biosciences by 1,659.1% during the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,543 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RNA. Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Weiss Ratings lowered Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. Wells Fargo & Company started coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They issued an “overweight” rating on the stock. HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Finally, Leerink Partners started coverage on Avidity Biosciences in a research report on Friday, May 15th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Hold” and a consensus target price of $71.25.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $12.61 on Wednesday. The stock has a market cap of $215.71 million, a P/E ratio of -2.54 and a beta of 0.93. The firm has a 50 day moving average price of $13.06 and a 200 day moving average price of $40.77. Avidity Biosciences, Inc. has a 52-week low of $11.40 and a 52-week high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.08. The firm had revenue of $19.64 million during the quarter, compared to analysts’ expectations of $2.00 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. Analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

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.