Avidity Biosciences, Inc. $RNA Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 55.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 899,557 shares of the biotechnology company’s stock after purchasing an additional 319,282 shares during the period. JPMorgan Chase & Co.’s holdings in Avidity Biosciences were worth $39,194,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AlphaQuest LLC raised its holdings in Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 331 shares during the period. CWM LLC grew its holdings in Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 605 shares during the period. Allworth Financial LP increased 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 in the last quarter. Comerica Bank increased its position in shares of Avidity Biosciences by 75.9% in the third quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock valued at $58,000 after buying an additional 576 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after buying an additional 1,099 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Wall Street Zen upgraded shares of Avidity Biosciences to a “hold” rating in a research report on Saturday. Evercore set a $72.00 price objective on shares of Avidity Biosciences in a report on Thursday, December 18th. Finally, Wells Fargo & Company assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They issued an “overweight” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $69.42.

Insider Activity at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 6,534 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $473,388.30. Following the transaction, the insider directly owned 85,093 shares in the company, valued at approximately $6,164,987.85. The trade was a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael F. Maclean sold 4,542 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $329,067.90. Following the sale, the chief financial officer directly owned 59,290 shares of the company’s stock, valued at approximately $4,295,560.50. This represents a 7.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 58,407 shares of company stock worth $4,226,448 over the last 90 days. Corporate insiders own 3.83% of the company’s stock.

Avidity Biosciences Stock Up 3.5%

Shares of NASDAQ:RNA opened at $13.13 on Friday. The business’s 50 day moving average price is $54.06 and its 200-day moving average price is $58.47. Avidity Biosciences, Inc. has a 1 year low of $11.95 and a 1 year high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) EPS for the quarter, missing the consensus estimate of ($1.24) by ($0.35). Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The firm had revenue of $0.86 million for the quarter, compared to analysts’ expectations of $1.98 million. As a group, equities research 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.