Eventide Asset Management LLC Purchases 148,654 Shares of Avidity Biosciences, Inc. $RNA

Eventide Asset Management LLC raised its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 39.5% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 524,643 shares of the biotechnology company’s stock after acquiring an additional 148,654 shares during the period. Eventide Asset Management LLC’s holdings in Avidity Biosciences were worth $37,843,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Avidity Biosciences by 3.2% in the 4th quarter. Vanguard Group Inc. now owns 13,649,250 shares of the biotechnology company’s stock valued at $984,520,000 after acquiring an additional 429,491 shares in the last quarter. Wellington Management Group LLP lifted its stake in Avidity Biosciences by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock valued at $438,540,000 after acquiring an additional 815,497 shares in the last quarter. RA Capital Management L.P. lifted its stake in Avidity Biosciences by 18.9% in the 3rd 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 lifted its stake in Avidity Biosciences by 8.4% in the 3rd 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, Goldman Sachs Group Inc. lifted its stake in Avidity Biosciences by 118.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,776,785 shares of the biotechnology company’s stock valued at $272,420,000 after acquiring an additional 2,044,316 shares in the last quarter.

Avidity Biosciences Trading Down 0.5%

RNA opened at $12.37 on Friday. Avidity Biosciences, Inc. has a 1-year low of $11.40 and a 1-year high of $16.77. The stock’s fifty day simple moving average is $13.09 and its 200 day simple moving average is $41.81. The stock has a market cap of $211.60 million, a PE ratio of -2.49 and a beta of 0.93.

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

Wall Street Analyst Weigh In

RNA has been the topic of several research reports. HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. Leerink Partners initiated coverage on Avidity Biosciences in a research note on Friday, May 15th. They set an “outperform” rating on the stock. Weiss Ratings cut Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research note on Friday, May 22nd. Finally, Wells Fargo & Company initiated coverage on Avidity Biosciences in a research note on Wednesday, March 11th. They set an “overweight” rating on the stock. One equities research 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 stock. According to data from MarketBeat, Avidity Biosciences presently has a consensus rating of “Hold” and an average target price of $70.29.

Avidity Biosciences 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.