Avidity Biosciences, Inc. $RNA is Avoro Capital Advisors LLC’s 9th Largest Position

Avoro Capital Advisors LLC lowered its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 28.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,455,000 shares of the biotechnology company’s stock after selling 2,190,000 shares during the period. Avidity Biosciences comprises about 3.8% of Avoro Capital Advisors LLC’s investment portfolio, making the stock its 9th biggest holding. Avoro Capital Advisors LLC’s holdings in Avidity Biosciences were worth $393,469,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Melqart Asset Management UK Ltd purchased a new stake in Avidity Biosciences during the 4th quarter valued at $25,656,000. Magnetar Financial LLC purchased a new stake in Avidity Biosciences during the 4th quarter valued at $83,570,000. Oddo BHF Asset Management Sas purchased a new stake in Avidity Biosciences during the 4th quarter valued at $27,229,000. Alberta Investment Management Corp purchased a new stake in Avidity Biosciences during the 4th quarter valued at $1,803,000. Finally, Sculptor Capital LP purchased a new stake in Avidity Biosciences during the 4th quarter valued at $40,826,000.

Analysts Set New Price Targets

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

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock opened at $12.61 on Wednesday. The company has a 50-day moving average of $13.06 and a 200 day moving average of $40.77. The firm has a market cap of $215.71 million, a price-to-earnings ratio of -2.54 and a beta of 0.93. Avidity Biosciences, Inc. has a 1 year low of $11.40 and a 1 year high of $16.77.

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

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.