Geode Capital Management LLC Has $225.15 Million Position in Avidity Biosciences, Inc. $RNA

Geode Capital Management LLC grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 9.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,120,780 shares of the biotechnology company’s stock after buying an additional 262,731 shares during the quarter. Geode Capital Management LLC owned 2.02% of Avidity Biosciences worth $225,145,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Avidity Biosciences by 55.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock valued at $39,194,000 after buying an additional 319,282 shares in the last quarter. Candriam S.C.A. raised its position in shares of Avidity Biosciences by 10.2% in the 3rd quarter. Candriam S.C.A. now owns 487,917 shares of the biotechnology company’s stock valued at $21,259,000 after buying an additional 45,144 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Avidity Biosciences by 173.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 179,103 shares of the biotechnology company’s stock valued at $7,804,000 after buying an additional 113,545 shares in the last quarter. Aberdeen Group plc raised its position in shares of Avidity Biosciences by 8.9% in the 3rd quarter. Aberdeen Group plc now owns 304,828 shares of the biotechnology company’s stock valued at $13,281,000 after buying an additional 25,000 shares in the last quarter. Finally, Allianz Asset Management GmbH acquired a new position in shares of Avidity Biosciences in the 3rd quarter valued at approximately $632,000.

Avidity Biosciences Price Performance

RNA stock opened at $12.25 on Wednesday. The company has a 50 day simple moving average of $13.31 and a 200 day simple moving average of $45.32. The stock has a market cap of $209.55 million, a price-to-earnings ratio of -2.46 and a beta of 0.93. Avidity Biosciences, Inc. has a 1 year low of $11.95 and a 1 year high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.08. The business had revenue of $19.64 million during the quarter, compared to analysts’ expectations of $2.00 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. On average, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analysts Set New Price Targets

RNA has been the subject of several analyst reports. Wells Fargo & Company initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They issued an “overweight” rating for the company. Leerink Partners started coverage on shares of Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating for the company. Weiss Ratings cut shares of Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Avidity Biosciences has an average rating of “Hold” and an average price target of $69.42.

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.