683 Capital Management LLC Invests $5.05 Million in Avidity Biosciences, Inc. $RNA

683 Capital Management LLC purchased a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 70,000 shares of the biotechnology company’s stock, valued at approximately $5,049,000.

A number of other institutional investors also recently bought and sold shares of the stock. Allworth Financial LP raised its stake in Avidity Biosciences by 22.8% in the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after buying an additional 159 shares in the last quarter. Fort Point Capital Partners LLC raised its stake 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 worth $1,363,000 after buying an additional 183 shares in the last quarter. GF Fund Management CO. LTD. raised its stake 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 worth $214,000 after buying an additional 193 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Avidity Biosciences by 10.5% during the fourth quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock valued at $178,000 after purchasing an additional 234 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in shares of Avidity Biosciences by 426.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 397 shares in the last quarter.

Analysts Set New Price Targets

A number of equities analysts have weighed in on RNA shares. Weiss Ratings downgraded shares of Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research note on Friday, May 22nd. Leerink Partners started coverage on shares of Avidity Biosciences in a research note on Friday, May 15th. They set an “outperform” rating for the company. Wells Fargo & Company started coverage on shares of Avidity Biosciences in a research note on Wednesday, March 11th. They set an “overweight” rating for the company. HC Wainwright reaffirmed a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. Finally, Wall Street Zen raised shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. 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 MarketBeat, Avidity Biosciences presently has an average rating of “Hold” and an average target price of $71.25.

Avidity Biosciences Trading Down 1.0%

Shares of RNA stock opened at $12.48 on Thursday. Avidity Biosciences, Inc. has a 12-month low of $11.40 and a 12-month high of $16.77. The firm’s 50 day moving average is $13.04 and its 200 day moving average is $40.35. The stock has a market capitalization of $213.48 million, a P/E ratio of -2.51 and a beta of 0.93.

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

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.