Avoro Capital Advisors LLC Has $333.09 Million Stock Holdings in Avidity Biosciences, Inc. $RNA

Avoro Capital Advisors LLC increased its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 8.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,645,000 shares of the biotechnology company’s stock after acquiring an additional 595,000 shares during the period. Avidity Biosciences makes up 4.3% of Avoro Capital Advisors LLC’s portfolio, making the stock its 9th biggest position. Avoro Capital Advisors LLC owned approximately 5.07% of Avidity Biosciences worth $333,093,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. AlphaQuest LLC boosted its stake 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 period. CWM LLC raised its holdings in shares of Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 605 shares during the last quarter. Comerica Bank boosted its position in shares of Avidity Biosciences by 75.9% during the third quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock worth $58,000 after buying an additional 576 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Avidity Biosciences by 291.5% during the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after buying an additional 1,099 shares during the period. Finally, Osaic Holdings Inc. grew its holdings in Avidity Biosciences by 1,659.1% in the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after buying an additional 1,543 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RNA. Evercore set a $72.00 target price on Avidity Biosciences in a research report on Thursday, December 18th. Wells Fargo & Company initiated coverage on Avidity Biosciences in a report on Wednesday. They set an “overweight” rating and a $25.00 price target on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. 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 given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $66.79.

Avidity Biosciences Trading Down 5.4%

Shares of NASDAQ:RNA opened at $13.75 on Friday. Avidity Biosciences, Inc. has a 1 year low of $13.57 and a 1 year high of $16.77. The business has a fifty day simple moving average of $59.97 and a 200 day simple moving average of $59.58.

Avidity Biosciences (NASDAQ:RNA) last issued 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). Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. The firm had revenue of $0.86 million during the quarter, compared to analysts’ expectations of $1.98 million. Analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, Director Arthur A. Levin sold 1,758 shares of the business’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 value of $127,367.10. Following the completion of the sale, the director owned 16,562 shares of the company’s stock, valued at approximately $1,199,916.90. The trade was a 9.60% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider W. Michael Flanagan sold 6,534 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $473,388.30. Following the completion of the transaction, the insider owned 85,093 shares in the company, valued at $6,164,987.85. This represents a 7.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 58,407 shares of company stock worth $4,226,448 over the last quarter. Insiders own 3.83% of the company’s stock.

About Avidity Biosciences

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.