Capricorn Fund Managers Ltd Buys 57,663 Shares of Avidity Biosciences, Inc. $RNA

Capricorn Fund Managers Ltd lifted its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 533.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 68,463 shares of the biotechnology company’s stock after acquiring an additional 57,663 shares during the period. Capricorn Fund Managers Ltd’s holdings in Avidity Biosciences were worth $4,938,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Avidity Biosciences by 42.9% during the third quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock valued at $575,985,000 after purchasing an additional 3,971,457 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Avidity Biosciences by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock worth $438,540,000 after purchasing an additional 815,497 shares in the last quarter. RA Capital Management L.P. increased its position in shares of Avidity Biosciences by 18.9% during the 3rd quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock valued at $376,490,000 after purchasing an additional 1,375,000 shares during the last quarter. Avoro Capital Advisors LLC raised its holdings in shares of Avidity Biosciences by 8.4% during the 3rd quarter. Avoro Capital Advisors LLC now owns 7,645,000 shares of the biotechnology company’s stock valued at $333,093,000 after buying an additional 595,000 shares in the last quarter. Finally, Polar Capital Holdings Plc raised its holdings in shares of Avidity Biosciences by 58.0% during the 3rd quarter. Polar Capital Holdings Plc now owns 2,796,760 shares of the biotechnology company’s stock valued at $121,855,000 after buying an additional 1,026,373 shares in the last quarter.

Insiders Place Their Bets

In other news, insider W. Michael Flanagan sold 6,534 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $473,388.30. Following the completion of the sale, the insider directly owned 85,093 shares of the company’s stock, valued at approximately $6,164,987.85. This trade represents a 7.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 sale, the chief executive officer directly owned 269,007 shares in the company, valued at $19,489,557.15. The trade was a 5.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 58,407 shares of company stock worth $4,226,448. Company insiders own 3.83% of the company’s stock.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $13.44 on Monday. Avidity Biosciences, Inc. has a fifty-two week low of $11.95 and a fifty-two week high of $16.77. The business’s 50 day moving average price is $42.21 and its 200-day moving average price is $56.33.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) EPS for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35). The business had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.98 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. On average, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.