Crcm LP Invests $14.60 Million in Avidity Biosciences, Inc. $RNA

Crcm LP purchased a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 202,370 shares of the biotechnology company’s stock, valued at approximately $14,597,000. Avidity Biosciences makes up approximately 4.9% of Crcm LP’s investment portfolio, making the stock its 5th biggest position. Crcm LP owned about 0.13% of Avidity Biosciences as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP raised its holdings in 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 acquiring an additional 159 shares in the last quarter. Fort Point Capital Partners LLC raised its holdings in Avidity Biosciences by 0.6% in the third quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company’s stock valued at $1,363,000 after acquiring an additional 183 shares in the last quarter. GF Fund Management CO. LTD. raised its holdings in Avidity Biosciences by 7.0% in the fourth quarter. GF Fund Management CO. LTD. now owns 2,961 shares of the biotechnology company’s stock valued at $214,000 after acquiring an additional 193 shares in the last quarter. GAMMA Investing LLC raised its holdings in Avidity Biosciences by 10.5% in the fourth quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock valued at $178,000 after acquiring an additional 234 shares in the last quarter. Finally, AlphaQuest LLC raised its holdings in 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 acquiring an additional 331 shares in the last quarter.

Avidity Biosciences Stock Down 0.5%

Shares of Avidity Biosciences stock opened at $12.37 on Friday. The firm has a market capitalization of $211.60 million, a P/E ratio of -2.49 and a beta of 0.93. Avidity Biosciences, Inc. has a 52 week low of $11.40 and a 52 week high of $16.77. The firm’s 50 day moving average is $13.09 and its two-hundred day moving average is $41.81.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) EPS for the quarter, beating the consensus estimate of ($1.05) by $0.08. The company had revenue of $19.64 million for the quarter, compared to analyst estimates of $2.00 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. As a group, research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Leerink Partners assumed coverage on shares of Avidity Biosciences in a report on Friday, May 15th. They issued an “outperform” rating on the stock. Weiss Ratings cut shares of Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a report on Friday, May 22nd. Wells Fargo & Company assumed coverage on shares of Avidity Biosciences in a report on Wednesday, March 11th. They issued an “overweight” rating on the stock. Wall Street Zen raised shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. Finally, HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Hold” and an average price target of $70.29.

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.