Privium Fund Management B.V. Raises Stake in Avidity Biosciences, Inc. $RNA

Privium Fund Management B.V. increased its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 15.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,000 shares of the biotechnology company’s stock after buying an additional 7,000 shares during the period. Avidity Biosciences comprises 0.4% of Privium Fund Management B.V.’s portfolio, making the stock its 27th largest holding. Privium Fund Management B.V.’s holdings in Avidity Biosciences were worth $2,309,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Avidity Biosciences during the 2nd quarter worth about $28,261,000. Bank of America Corp DE raised its position in shares of Avidity Biosciences by 16.8% in the 2nd quarter. Bank of America Corp DE now owns 1,839,315 shares of the biotechnology company’s stock worth $52,237,000 after buying an additional 264,827 shares during the period. Schroder Investment Management Group boosted its holdings in Avidity Biosciences by 215.3% in the second quarter. Schroder Investment Management Group now owns 343,718 shares of the biotechnology company’s stock valued at $9,762,000 after acquiring an additional 234,715 shares during the last quarter. Sofinnova Investments Inc. grew its position in Avidity Biosciences by 53.9% during the second quarter. Sofinnova Investments Inc. now owns 584,801 shares of the biotechnology company’s stock valued at $16,608,000 after acquiring an additional 204,870 shares during the period. Finally, Ensign Peak Advisors Inc increased its stake in Avidity Biosciences by 60.9% during the second quarter. Ensign Peak Advisors Inc now owns 530,814 shares of the biotechnology company’s stock worth $15,075,000 after acquiring an additional 200,836 shares during the last quarter.

Avidity Biosciences Stock Performance

Shares of RNA opened at $72.57 on Friday. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $72.74. The stock has a 50-day moving average price of $72.06 and a 200 day moving average price of $57.17. The company has a market capitalization of $10.93 billion, a P/E ratio of -17.36 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). The business had revenue of $12.48 million during the quarter, compared to analyst estimates of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The firm’s revenue for the quarter was up 420.8% on a year-over-year basis. As a group, equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Sanford C. Bernstein lowered Avidity Biosciences from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $52.00 to $72.00 in a research note on Monday, October 27th. HC Wainwright cut shares of Avidity Biosciences from a “buy” rating to a “neutral” rating and reduced their price target for the company from $87.00 to $72.00 in a research report on Monday, October 27th. Wolfe Research downgraded shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Wall Street Zen raised shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Loop Capital set a $72.00 target price on shares of Avidity Biosciences in a report on Tuesday, October 28th. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $69.57.

Insider Activity

In other Avidity Biosciences news, CEO Sarah Boyce sold 14,387 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $1,042,338.15. Following the completion of the transaction, the chief executive officer directly owned 269,007 shares of the company’s stock, valued at $19,489,557.15. This trade represents a 5.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael F. Maclean sold 4,542 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 $329,067.90. Following the completion of the sale, the chief financial officer directly owned 59,290 shares of the company’s stock, valued at $4,295,560.50. The trade was a 7.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 58,407 shares of company stock worth $4,226,448 over the last ninety days. Insiders own 3.83% of the company’s stock.

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.