Capricorn Fund Managers Ltd Invests $471,000 in Avidity Biosciences, Inc. $RNA

Capricorn Fund Managers Ltd bought a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,800 shares of the biotechnology company’s stock, valued at approximately $471,000.

Several other large investors also recently bought and sold shares of the business. Norges Bank purchased a new stake in Avidity Biosciences during the second quarter valued at $28,261,000. Frazier Life Sciences Management L.P. bought a new stake in shares of Avidity Biosciences in the 1st quarter worth about $15,498,000. Bank of America Corp DE raised its position in shares of Avidity Biosciences by 16.8% during the 2nd quarter. Bank of America Corp DE now owns 1,839,315 shares of the biotechnology company’s stock valued at $52,237,000 after buying an additional 264,827 shares in the last quarter. Schroder Investment Management Group raised its position in shares of Avidity Biosciences by 215.3% during the 2nd quarter. Schroder Investment Management Group now owns 343,718 shares of the biotechnology company’s stock valued at $9,762,000 after buying an additional 234,715 shares in the last quarter. Finally, Sofinnova Investments Inc. lifted its holdings in shares of Avidity Biosciences by 53.9% in the 2nd quarter. Sofinnova Investments Inc. now owns 584,801 shares of the biotechnology company’s stock valued at $16,608,000 after acquiring an additional 204,870 shares during the last quarter.

Analysts Set New Price Targets

RNA has been the topic of several analyst reports. Royal Bank Of Canada reissued a “sector perform” rating and set a $72.00 price objective (up from $61.00) on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Chardan Capital reissued a “neutral” rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Leerink Partners restated a “market perform” rating and issued a $72.00 price target (up from $65.00) on shares of Avidity Biosciences in a research report on Monday, October 27th. Finally, Leerink Partnrs cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Eight equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $69.57.

Avidity Biosciences Stock Down 0.1%

RNA opened at $72.13 on Friday. The business has a fifty day moving average of $68.80 and a 200 day moving average of $49.95. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $72.61. The stock has a market cap of $10.87 billion, a P/E ratio of -17.26 and a beta of 0.90.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). The company had revenue of $12.48 million for the quarter, compared to analysts’ expectations of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. Avidity Biosciences’s quarterly revenue was up 420.8% compared to the same quarter last year. Equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, insider Steven George Hughes sold 2,209 shares of the business’s stock in a transaction that occurred on Wednesday, October 22nd. The stock was sold at an average price of $47.54, for a total value of $105,015.86. Following the completion of the sale, the insider owned 38,867 shares in the company, valued at approximately $1,847,737.18. The trade was a 5.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Teresa Mccarthy sold 20,000 shares of the stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $50.15, for a total value of $1,003,000.00. Following the completion of the transaction, the insider directly owned 97,130 shares in the company, valued at approximately $4,871,069.50. This trade represents a 17.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 28,771 shares of company stock valued at $1,405,799 in the last three months. Company insiders own 3.83% of the company’s stock.

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.