Avoro Capital Advisors LLC Lowers Holdings in Avidity Biosciences, Inc. $RNA

Avoro Capital Advisors LLC lessened its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 28.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,455,000 shares of the biotechnology company’s stock after selling 2,190,000 shares during the period. Avidity Biosciences makes up about 3.8% of Avoro Capital Advisors LLC’s holdings, making the stock its 9th biggest position. Avoro Capital Advisors LLC owned 3.53% of Avidity Biosciences worth $393,469,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. increased its holdings in Avidity Biosciences by 55.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock worth $39,194,000 after acquiring an additional 319,282 shares during the period. Envestnet Asset Management Inc. increased its holdings in Avidity Biosciences by 173.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 179,103 shares of the biotechnology company’s stock worth $7,804,000 after acquiring an additional 113,545 shares during the period. Aberdeen Group plc increased its holdings in Avidity Biosciences by 8.9% during the 3rd quarter. Aberdeen Group plc now owns 304,828 shares of the biotechnology company’s stock worth $13,281,000 after acquiring an additional 25,000 shares during the period. Vanguard Group Inc. increased its holdings in Avidity Biosciences by 42.9% during the 3rd quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock worth $575,985,000 after acquiring an additional 3,971,457 shares during the period. Finally, Fiera Capital Corp increased its holdings in Avidity Biosciences by 53.8% during the 3rd quarter. Fiera Capital Corp now owns 1,202,384 shares of the biotechnology company’s stock worth $52,388,000 after acquiring an additional 420,476 shares during the period.

Wall Street Analysts Forecast Growth

RNA has been the topic of a number of analyst reports. HC Wainwright reaffirmed a “neutral” rating on shares of Avidity Biosciences in a report on Friday, May 1st. Wells Fargo & Company initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 11th. They set 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. Leerink Partners began coverage on shares of Avidity Biosciences in a report on Friday, May 15th. They set an “outperform” rating on the stock. Finally, Weiss Ratings lowered shares of Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Hold” and an average target price of $71.25.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $12.61 on Wednesday. Avidity Biosciences, Inc. has a 52-week low of $11.40 and a 52-week high of $16.77. The stock has a market capitalization of $215.71 million, a price-to-earnings ratio of -2.54 and a beta of 0.93. The company has a fifty day moving average of $13.06 and a 200-day moving average of $40.77.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data 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. The company 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 forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal 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.