BNP Paribas Financial Markets Grows Position in Avidity Biosciences, Inc. $RNA

BNP Paribas Financial Markets grew its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 2,137.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 610,547 shares of the biotechnology company’s stock after buying an additional 583,256 shares during the period. BNP Paribas Financial Markets owned 0.39% of Avidity Biosciences worth $44,039,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of RNA. AlphaQuest LLC grew its position in shares of Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the period. Allworth Financial LP grew 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 purchasing an additional 159 shares during the period. Clearstead Advisors LLC purchased a new stake in shares of Avidity Biosciences in the fourth quarter valued at $72,000. Comerica Bank grew 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 purchasing an additional 576 shares during the period. Finally, Farther Finance Advisors LLC grew its position in shares of Avidity Biosciences by 507.8% in the fourth quarter. Farther Finance Advisors LLC now owns 1,398 shares of the biotechnology company’s stock valued at $101,000 after purchasing an additional 1,168 shares during the period.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Leerink Partners assumed coverage on Avidity Biosciences in a research report on Friday, May 15th. They issued an “outperform” rating for the company. HC Wainwright reaffirmed a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Weiss Ratings downgraded Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. Finally, Wells Fargo & Company assumed coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They issued an “overweight” rating for the company. One investment 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $69.42.

Avidity Biosciences Trading Down 0.7%

RNA stock opened at $12.17 on Thursday. The stock has a 50-day moving average price of $13.27 and a two-hundred day moving average price of $44.50. Avidity Biosciences, Inc. has a 12-month low of $11.95 and a 12-month high of $16.77. The company has a market cap of $208.18 million, a PE ratio of -2.45 and a beta of 0.93.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.08. 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 $19.64 million during the quarter, compared to the consensus estimate of $2.00 million. Equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

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.