P Schoenfeld Asset Management LP Invests $6.11 Million in Avidity Biosciences, Inc. $RNA

P Schoenfeld Asset Management LP acquired a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, Holdings Channel reports. The firm acquired 84,700 shares of the biotechnology company’s stock, valued at approximately $6,109,000. Avidity Biosciences makes up approximately 2.2% of P Schoenfeld Asset Management LP’s holdings, making the stock its 13th biggest holding.

A number of other hedge funds and other institutional investors also recently modified their holdings of RNA. Smartleaf Asset Management LLC raised its position in shares of Avidity Biosciences by 426.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 397 shares during the period. Los Angeles Capital Management LLC acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth $34,000. AlphaQuest LLC raised its position in shares of Avidity Biosciences by 123.0% during the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 331 shares during the period. Allworth Financial LP raised its position in shares of Avidity Biosciences by 22.8% during the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 159 shares during the period. Finally, Clearstead Advisors LLC acquired a new position in Avidity Biosciences during the fourth quarter valued at $72,000.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Leerink Partners assumed coverage on Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating on the stock. Wells Fargo & Company assumed coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating on the stock. HC Wainwright reissued a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Finally, Weiss Ratings lowered Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $70.29.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $12.37 on Monday. The business’s 50-day moving average price is $13.09 and its two-hundred day moving average price is $41.60. Avidity Biosciences, Inc. has a one year low of $11.40 and a one year high of $16.77. The company has a market capitalization of $211.60 million, a P/E ratio of -2.49 and a beta of 0.93.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) EPS for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.08. The firm had revenue of $19.64 million for the quarter, compared to the consensus estimate 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, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current 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.