EFG Asset Management North America Corp. Reduces Holdings in Avidity Biosciences, Inc. $RNA

EFG Asset Management North America Corp. lowered its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 12.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 149,149 shares of the biotechnology company’s stock after selling 20,383 shares during the quarter. Avidity Biosciences comprises approximately 0.8% of EFG Asset Management North America Corp.’s investment portfolio, making the stock its 26th largest holding. EFG Asset Management North America Corp. owned about 0.10% of Avidity Biosciences worth $6,500,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. CWM LLC grew its position in Avidity Biosciences by 1,635.1% during the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 605 shares during the last quarter. Westside Investment Management Inc. acquired a new stake in shares of Avidity Biosciences during the second quarter worth $29,000. PNC Financial Services Group Inc. grew its holdings in shares of Avidity Biosciences by 291.5% during the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 1,099 shares during the last quarter. Osaic Holdings Inc. increased its position in shares of Avidity Biosciences by 1,659.1% in the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock valued at $48,000 after acquiring an additional 1,543 shares during the period. Finally, Elevation Point Wealth Partners LLC purchased a new position in Avidity Biosciences in the 2nd quarter worth $49,000.

Avidity Biosciences Stock Up 0.0%

Avidity Biosciences stock opened at $72.63 on Tuesday. The firm has a market cap of $10.94 billion, a price-to-earnings ratio of -17.38 and a beta of 0.95. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $72.74. The business’s 50-day moving average price is $71.91 and its 200 day moving average price is $56.39.

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wolfe Research downgraded Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Needham & Company LLC cut Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price objective for the company. in a research note on Monday, October 27th. Loop Capital set a $72.00 target price on Avidity Biosciences in a report on Tuesday, October 28th. TD Cowen reiterated a “hold” rating on shares of Avidity Biosciences in a report on Wednesday, November 12th. Finally, Chardan Capital reissued a “neutral” rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $69.57.

Insider Activity

In related news, CEO Sarah Boyce sold 14,387 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $1,042,338.15. Following the sale, the chief executive officer owned 269,007 shares in the company, valued at approximately $19,489,557.15. This trade represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven George Hughes sold 4,895 shares of the stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $354,642.75. Following the sale, the insider directly owned 31,599 shares in the company, valued at approximately $2,289,347.55. The trade was a 13.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 58,407 shares of company stock valued at $4,226,448 in the last three months. Corporate insiders own 3.83% of the company’s stock.

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.