Atle Fund Management AB Makes New Investment in Avidity Biosciences, Inc. $RNA

Atle Fund Management AB acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 51,978 shares of the biotechnology company’s stock, valued at approximately $2,265,000.

Several other institutional investors have also recently made changes to their positions in the business. AlphaQuest LLC lifted its holdings in Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 331 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Avidity Biosciences by 0.5% during the second quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock valued at $2,563,000 after buying an additional 466 shares during the last quarter. Guggenheim Capital LLC lifted its holdings in shares of Avidity Biosciences by 1.6% in the second quarter. Guggenheim Capital LLC now owns 32,602 shares of the biotechnology company’s stock worth $926,000 after buying an additional 519 shares in the last quarter. CWM LLC lifted its holdings in shares of Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after buying an additional 605 shares in the last quarter. Finally, E Fund Management Co. Ltd. boosted its position in shares of Avidity Biosciences by 4.6% during the second quarter. E Fund Management Co. Ltd. now owns 14,163 shares of the biotechnology company’s stock worth $402,000 after acquiring an additional 629 shares during the last quarter.

Insider Buying and Selling

In related news, CEO Sarah Boyce sold 14,387 shares of Avidity Biosciences stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $1,042,338.15. Following the completion of the sale, the chief executive officer owned 269,007 shares in the company, valued at $19,489,557.15. This trade represents a 5.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven George Hughes sold 4,895 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $354,642.75. Following the transaction, the insider directly owned 31,599 shares in the company, valued at approximately $2,289,347.55. This trade represents a 13.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 58,407 shares of company stock worth $4,226,448 over the last ninety days. 3.83% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RNA shares. Leerink Partners lowered Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. HC Wainwright downgraded Avidity Biosciences from a “buy” rating to a “neutral” rating and lowered their target price for the company from $87.00 to $72.00 in a research report on Monday, October 27th. Royal Bank Of Canada restated a “sector perform” rating and issued a $72.00 price target (up previously from $61.00) on shares of Avidity Biosciences in a research report on Tuesday, October 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Finally, Wall Street Zen raised shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Avidity Biosciences currently has an average rating of “Hold” and a consensus price target of $69.57.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $72.57 on Friday. The business’s 50 day moving average price is $72.06 and its 200-day moving average price is $57.34. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $72.74. The company has a market cap of $10.93 billion, a price-to-earnings ratio of -17.36 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Monday, November 10th. The biotechnology company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.22). The business had revenue of $12.48 million during the quarter, compared to the consensus estimate of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The firm’s revenue was up 420.8% on a year-over-year basis. Sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current 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.