Empyrean Capital Partners LP bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA – Free Report) during the 4th quarter, Holdings Channel reports. The institutional investor bought 143,000 shares of the biotechnology company’s stock, valued at approximately $10,315,000.
Several other institutional investors and hedge funds have also bought and sold shares of RNA. EFG International AG bought a new stake in Avidity Biosciences during the fourth quarter worth about $33,000. Los Angeles Capital Management LLC acquired a new stake in shares of Avidity Biosciences in the fourth quarter valued at approximately $34,000. Smartleaf Asset Management LLC lifted its position in shares of Avidity Biosciences by 426.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock valued at $35,000 after buying an additional 397 shares during the last quarter. Allworth Financial LP lifted its position in shares of Avidity Biosciences by 22.8% in the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 159 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its position in shares of Avidity Biosciences by 1,659.1% in the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock valued at $48,000 after buying an additional 1,543 shares during the last quarter.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on RNA shares. HC Wainwright reaffirmed a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Leerink Partners started coverage on Avidity Biosciences in a research report on Friday, May 15th. They issued an “outperform” rating for the company. Wells Fargo & Company started coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They issued an “overweight” rating for the company. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Finally, Weiss Ratings cut Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. 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 given a Sell rating to the company. Based on data from MarketBeat, Avidity Biosciences has an average rating of “Hold” and a consensus target price of $71.25.
Avidity Biosciences Trading Down 1.0%
Shares of 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. Avidity Biosciences, Inc. has a 1-year low of $11.40 and a 1-year high of $16.77. The business’s 50 day moving average is $13.04 and its 200-day moving average is $40.35.
Avidity Biosciences (NASDAQ:RNA – Get Free Report) last announced its earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.08. The company 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%. Analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.
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.
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