FNY Investment Advisers LLC Buys 43,380 Shares of Avidity Biosciences, Inc. $RNA

FNY Investment Advisers LLC increased its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 571.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,976 shares of the biotechnology company’s stock after buying an additional 43,380 shares during the quarter. Avidity Biosciences accounts for about 1.0% of FNY Investment Advisers LLC’s investment portfolio, making the stock its 16th largest position. FNY Investment Advisers LLC’s holdings in Avidity Biosciences were worth $3,676,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of RNA. Allworth Financial LP boosted its stake in shares of Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 159 shares in the last quarter. Fort Point Capital Partners LLC increased its position in shares of Avidity Biosciences by 0.6% during the 3rd quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company’s stock worth $1,363,000 after purchasing an additional 183 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Avidity Biosciences by 10.5% during the 4th 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 during the last quarter. AlphaQuest LLC lifted its holdings in Avidity Biosciences by 123.0% during the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in Avidity Biosciences by 0.5% in 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 in the last quarter.

Analyst Upgrades and Downgrades

RNA has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Wells Fargo & Company started coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating on the stock. Wall Street Zen raised Avidity Biosciences to a “hold” rating in a report on Saturday, March 21st. Finally, Evercore set a $72.00 price objective on Avidity Biosciences in a research report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $69.42.

Insider Activity

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,758 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $127,367.10. Following the transaction, the director directly owned 16,562 shares in the company, valued at approximately $1,199,916.90. This represents a 9.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michael F. Maclean sold 4,542 shares of Avidity Biosciences 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 $329,067.90. Following the sale, the chief financial officer owned 59,290 shares of the company’s stock, valued at approximately $4,295,560.50. This represents a 7.12% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 58,407 shares of company stock worth $4,226,448. Corporate insiders own 3.83% of the company’s stock.

Avidity Biosciences Trading Down 0.2%

Shares of RNA opened at $13.44 on Friday. The business’s fifty day moving average price is $43.39 and its two-hundred day moving average price is $56.30. Avidity Biosciences, Inc. has a 52 week low of $11.95 and a 52 week high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35). Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The firm had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.98 million. Research analysts anticipate 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.