Assenagon Asset Management S.A. Has $2 Million Stake in Avidity Biosciences, Inc. $RNA

Assenagon Asset Management S.A. lifted its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 157.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,923 shares of the biotechnology company’s stock after purchasing an additional 28,055 shares during the period. Assenagon Asset Management S.A.’s holdings in Avidity Biosciences were worth $2,001,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in Avidity Biosciences by 204.1% in the 1st quarter. Invesco Ltd. now owns 288,139 shares of the biotechnology company’s stock valued at $8,506,000 after buying an additional 193,376 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Avidity Biosciences by 149.2% during the first quarter. Russell Investments Group Ltd. now owns 4,378 shares of the biotechnology company’s stock worth $129,000 after buying an additional 2,621 shares in the last quarter. Corebridge Financial Inc. lifted its holdings in shares of Avidity Biosciences by 0.8% during the first quarter. Corebridge Financial Inc. now owns 55,643 shares of the biotechnology company’s stock worth $1,643,000 after buying an additional 463 shares in the last quarter. Driehaus Capital Management LLC boosted its position in shares of Avidity Biosciences by 3.5% in the first quarter. Driehaus Capital Management LLC now owns 1,270,931 shares of the biotechnology company’s stock valued at $37,518,000 after acquiring an additional 42,873 shares during the period. Finally, Royal Bank of Canada grew its stake in shares of Avidity Biosciences by 38.2% in the first quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company’s stock valued at $1,308,000 after acquiring an additional 12,241 shares in the last quarter.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Roth Capital cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price objective for the company. in a research note on Monday, October 27th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $72.00 target price (up from $61.00) on shares of Avidity Biosciences in a report on Tuesday, October 28th. Cowen reiterated a “hold” rating on shares of Avidity Biosciences in a research report on Wednesday, November 12th. Bank of America boosted their price target on Avidity Biosciences from $56.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, September 15th. Finally, HC Wainwright downgraded Avidity Biosciences from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $87.00 to $72.00 in a research report on Monday, October 27th. Eight investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Hold” and a consensus price target of $69.57.

Avidity Biosciences Stock Performance

Shares of RNA opened at $72.14 on Wednesday. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $72.61. The firm has a market cap of $10.87 billion, a price-to-earnings ratio of -17.26 and a beta of 0.90. The business’s fifty day moving average is $67.41 and its 200-day moving average is $49.24.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.22). The business had revenue of $12.48 million for the quarter, compared to the consensus estimate of $1.80 million. Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The business’s quarterly revenue was up 420.8% on a year-over-year basis. As a group, research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Transactions at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $50.15, for a total transaction of $1,003,000.00. Following the completion of the transaction, the insider directly owned 97,130 shares in the company, valued at $4,871,069.50. This represents a 17.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric Mosbrooker sold 6,562 shares of the stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $45.38, for a total transaction of $297,783.56. Following the completion of the transaction, the insider directly owned 55,000 shares of the company’s stock, valued at approximately $2,495,900. The trade was a 10.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 28,771 shares of company stock valued at $1,405,799. 3.83% of the stock is currently owned by insiders.

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.