Avidity Biosciences, Inc. $RNA is Casdin Capital LLC’s 8th Largest Position

Casdin Capital LLC decreased its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 43.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,000,000 shares of the biotechnology company’s stock after selling 780,000 shares during the quarter. Avidity Biosciences makes up approximately 4.5% of Casdin Capital LLC’s portfolio, making the stock its 8th biggest position. Casdin Capital LLC’s holdings in Avidity Biosciences were worth $72,130,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in RNA. EFG International AG purchased a new stake in Avidity Biosciences during the fourth quarter worth approximately $33,000. Los Angeles Capital Management LLC purchased a new stake in Avidity Biosciences during the fourth quarter worth approximately $34,000. Smartleaf Asset Management LLC increased its position in 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 buying an additional 397 shares during the period. Allworth Financial LP increased its position in 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 buying an additional 159 shares during the period. Finally, Osaic Holdings Inc. increased its position in Avidity Biosciences by 1,659.1% during the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after buying an additional 1,543 shares during the period.

Wall Street Analysts Forecast Growth

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

Avidity Biosciences Trading Down 1.0%

NASDAQ:RNA opened at $12.48 on Thursday. The firm has a market cap of $213.48 million, a P/E ratio of -2.51 and a beta of 0.93. The stock’s 50 day simple moving average is $13.04 and its 200-day simple moving average is $40.35. Avidity Biosciences, Inc. has a 12-month low of $11.40 and a 12-month high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results 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 business had revenue of $19.64 million for the quarter, compared to analyst estimates of $2.00 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. Research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal 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.