Belpointe Asset Management LLC acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA – Get Rating) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,984 shares of the biotechnology company’s stock, valued at approximately $44,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Itau Unibanco Holding S.A. bought a new position in Avidity Biosciences during the 3rd quarter worth approximately $26,000. Quantbot Technologies LP boosted its stake in Avidity Biosciences by 600.0% during the 2nd quarter. Quantbot Technologies LP now owns 2,100 shares of the biotechnology company’s stock worth $30,000 after acquiring an additional 1,800 shares during the last quarter. Great West Life Assurance Co. Can bought a new position in Avidity Biosciences during the 3rd quarter worth approximately $31,000. Daiwa Securities Group Inc. boosted its stake in Avidity Biosciences by 2,964.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 4,780 shares of the biotechnology company’s stock worth $78,000 after acquiring an additional 4,624 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in Avidity Biosciences during the 3rd quarter worth approximately $78,000.
Analyst Ratings Changes
Several brokerages have commented on RNA. Credit Suisse Group dropped their target price on shares of Avidity Biosciences from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Friday, March 31st. 1-800-FLOWERS.COM restated a “reiterates” rating on shares of Avidity Biosciences in a report on Friday, April 28th. Wells Fargo & Company dropped their target price on shares of Avidity Biosciences from $55.00 to $50.00 in a report on Thursday, May 11th. Evercore ISI upgraded shares of Avidity Biosciences from an “in-line” rating to an “outperform” rating and set a $20.00 target price on the stock in a report on Monday. Finally, Chardan Capital restated a “buy” rating and set a $27.00 target price on shares of Avidity Biosciences in a report on Friday, March 31st. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $38.83.
Avidity Biosciences Stock Down 3.3 %
Avidity Biosciences (NASDAQ:RNA – Get Rating) last posted its quarterly earnings data on Tuesday, February 28th. The biotechnology company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.04). The business had revenue of $2.77 million during the quarter, compared to analyst estimates of $2.39 million. Avidity Biosciences had a negative net margin of 1,988.76% and a negative return on equity of 40.70%. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -3.24 EPS for the current year.
About Avidity Biosciences
Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.
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